Which is an important foreign exchange earning commercial crop of India?

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 crop is the 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.

What are the commercial crops in India?

Sugarcane, cotton, jute, oilseeds, and tobacco are common profitable cash crops cultivated. With an increase in productivity of certain crops, especially sugar, the government aids the cultivation in providing incentives.

What is the importance of foreign exchange in agriculture?

Introduction. The exchange rate between two currencies specifies how much one currency is worth in terms of the other. The Canadian exchange rate impacts the competitiveness of the agriculture sector by affecting prices of agriculture products and inputs and, therefore, farms’ profits.

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Which is the second largest foreign exchange earner in India?

Indian Economy

At present, gems and jewellery is the second largest foreign exchange earner in the country surpassing even what was earned by the textile and apparel sector.

Which is the most important source of income for government of India?

Source of Tax Revenue

Corporation tax is the biggest source of revenue for the government. Public and private companies registered under the Companies Act, 1956, are liable to pay corporation tax. Corporation tax is levied on the net income of the company.

Which industry has been a 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 industry has been a major foreign exchange earner in the 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.

Which is the important commercial crop?

Commercial crops

The most important commercial crop in India is Sugarcane. India has the largest area under sugarcane cultivation in the world. India is the world’s second-largest producer of sugarcane, next only to Brazil.

What are the major commercial crops of India explain?

Major crops grown in India are rice, wheat, millets, pulses, tea, coffee, sugarcane, oil seeds, cotton and jute, etc. of canal irrigation and tubewells have made it possible to grow rice in areas of less rainfall such as Punjab, Haryana and western Uttar Pradesh and parts of Rajasthan.

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What is commercial crop give example?

Crops giving comparatively better returns to farmers are known as commercial crops. Examples are cotton, sugarcane, jute, ramie etc. The produce of such crops is procured by factories for processing.