Which industry is India’s major foreign exchange earner?

So, the correct answer is ‘Tea’

Which item is the largest foreign exchange earner of India?

Complete answer: Out of the given options, the industry in which India earns its maximum foreign exchange is Iron industry. The value of iron metal traded from India added up to almost 186 billion rupees in the financial year 2020.

Which industry is the major foreign exchange earner?

The industry that has earned our country a major, sizeable share of foreign exchange, is the Information Technology industry. In the last two decades, the contribution to India’s GDP from Information Technology, has grown by 6.5%.

Which is the major component of India’s foreign exchange reserves?

During the reporting week, the surge in the foreign exchange reserves was on account of a rise in the Foreign Currency Assets (FCA), a major component of the overall reserves, and gold reserves, according to Reserve Bank of India’s (RBI) weekly data released on Friday.

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Which cash crop earns a lot of foreign exchange for India?

There is a huge demand for cash crops abroad. For e.g. India exports 80% of the coffee it produces earning precious foreign exchange.

Which of the following fruit is largest foreign exchange earner?

Detailed Solution. Tea is the major foreign exchange earner crop for Sri Lanka garnering approximately 1.5 billion dollars through export.

Which of the following industry has been a major foreign exchange earner for India in last few years?

In recent years, India is earning large foreign exchange through the export of information technology. The information technology in India is comprised of two-component, viz., Business Process Outsourcing (BPO) and IT services. The sector has increased its contribution to India’s GDP from 1.2% in 1988 to 7.7% in 2017.

Why is information technology industry a major foreign exchange earner?

(ii)This industry has been a major foreign exchange earner in the last two or three years because of its fast growing Business Processes Outsourcing (BPO) sector. (iii)The continuing growth in the hardware and software is the key to the success of IT industry in India. What are basic industries?

Which crops mainly grown for foreign exchange?

They play vital roe in improving the economy of the country. Economic importance : Most of the plantation crops are export oriented Ex : Cashew nut, beetlevine, Arecanut and Tea. Plantation crops earn foreign exchange for the country and they occupy 75% of the total earnings from the export of the agricultural produce.

Who holds foreign exchange reserves?

Foreign exchange reserves are assets held on reserve by a central bank in foreign currencies. These reserves are used to back liabilities and influence monetary policy. It includes any foreign money held by a central bank, such as the U.S. Federal Reserve Bank.

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In which crop India is the largest producer and exporter?

India is the world’s largest producer of milk, the largest producer and exporter of spices, the second largest producer of food grain, fruits and vegetables and wheat. It is the world’s 10th largest agricultural exporter.

What is India the largest producer of?

India is the world’s largest producer of milk, pulses and jute, and ranks as the second largest producer of rice, wheat, sugarcane, groundnut, vegetables, fruit and cotton. It is also one of the leading producers of spices, fish, poultry, livestock and plantation crops.

Which state is largest producer of wheat?

Uttar Pradesh is the largest producer of wheat and West Bengal is the largest producer of rice in India.