The strength of India's manufacturing sector gives it a ______ in comparison with other countries.
The strength of India's manufacturing sector gives it a ______ in comparison with other countries.
Homework Answers
Answer to fill in the blank will be Competitive Advantage
Explanation to the answer:
India is a country where imports are much higher than the exports resulting in negative Balance of Trade.
So we spend a more than what we earn.
By strengthening our manufacturing sector, we can reduce our dependency on other countries to fulfill our needs. It is always true that cost of making in India will be much lower than importing for foreign countries. Our labour cost is much cheaper.
By promoting manufacturing sector, we can make our Balance of Trade positive and thereby increasing GDP and economic growth of the country.
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Agricultural wage rate - - - W -- W717 17 ------- - - - OM WM Manufacturing wage rate We were unable to transcribe this image
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FIGURE 7.12 The Harris-Todaro Migration Model Agricultural wage rate Manufacturing wage rate --XN --- - T LA LA LM Lu Unemployment We were unable to transcribe this image
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