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 past 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 IT industry has been a major foreign exchange earner in recent years?

(iv) 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. (v) The continuing growth in the hardware and software is the key to the success of Information Technology industry in the country.

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Which industry is India’s major foreign exchange earner?

Petroleum: India’s largest foreign exchange earner. Petroleum is emerging as the largest foreign exchange sector in India with 16.2 per cent share petroleum exports are expected to exceed $ 20 billion in this financial year.

Which service industry earns highest foreign exchange for our country?

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 has been a major foreign exchange earner because of its BPO sector?

Answer: “Business Process Outsourcing (BPO)” sector is considered as the major source of foreign exchange for IT industry.

Why is information technology industry a major foreign exchange earner?

The IT industry has been a major foreign exchange earner in the last few years because of its fast growing Business Processes Outsourcing (BPO) sector. The continuing growth in hardware and software is the key to the success of IT industry in India.

What has been the impact of IT industry on employment class 10?

The impact of IT and Electronic Industries are: (i)A major impact of this industry has been on employment generation. It is encouraging to know that 30 per cent of the people employed in this sector are women. … (iii)The continuing growth in the hardware and software is the key to the success of IT industry in India.

What is contributing to India’s foreign exchange earning the most through exports?

It is generally believed that services is driving India’s exports and also net foreign exchange earnings.

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What is foreign exchange earner?

Foreign exchange earnings are profits made from selling goods and services in a global marketplace, though in some cases, currency is simply exchanged in order to make these earnings without goods or services being sold. … Individuals can also make foreign exchange earnings by trading in the Forex market.

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 crops mainly grown for foreign exchange?

Export potential: Plantation crops earn foreign exchange. Eg. Coir based products ,Coir export and Coffee .

What contributes a major share of foreign exchange in the total Indian service exports?

Tourism Services: The sector is a major engine of growth, contributing to GDP, foreign exchange earnings and employment.

Which services top the export in India?

Hemant Singh

Sector Share in Export (%) 2018-19 Value of Goods (US$ )
1. Petroleum products 14.10 46.54
2. Pearls, precious and semi Precious stones 7.78 25.98
3. Drug formulations, biologicals 4.36 14.39
4. Gold and other precious metal jewellery 3.92 12.94

What foreign exchange means?

Foreign exchange, or forex, is the conversion of one country’s currency into another. In a free economy, a country’s currency is valued according to the laws of supply and demand. In other words, a currency’s value can be pegged to another country’s currency, such as the U.S. dollar, or even to a basket of currencies.