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 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 industry is among the major foreign currency earner for nation?
Travel and Tourism in India was the largest service industry and was worth $234 bn in 2018. The tourism industry in India has become one of the largest Foreign Exchange Earners with earnings of $29.962 billion over Jan 2019 – Dec 2019, equating a growth of 4.8% over the previous 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 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.
Which is the second largest foreign exchange earner in India?
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.
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.
What is tourism industry?
In its broadest sense, the tourism industry is the total of all businesses that directly provide goods or services to facilitate business, pleasure and leisure activities away from the home environment.
How big is hospitality industry in India?
The hotel industry in India is expected to reach a value of INR 1,210.87 Bn by the end of 2023, expanding at a compound annual growth rate (CAGR) of ~13% during the 2018-2023 period, owing to the high arrival rate of foreign tourists and business delegates.
Is tourism a primary sector?
The main sectors of the economy are: Primary sector – extraction of raw materials – mining, fishing and agriculture. … Service / ‘tertiary’ sector – concerned with offering intangible goods and services to consumers. This includes retail, tourism, banking, entertainment and I.T.
Which industry earns the first highest net foreign exchange from the trade?
Agriculture leads net foreign exchange earnings.
Tourism Services: The sector is a major engine of growth, contributing to GDP, foreign exchange earnings and employment.
What is Indian service sector?
India’s services sector covers a wide variety of activities such as trade, hotel and restaurants, transport, storage and communication, financing, insurance, real estate, business services, community, social and personal services, and services associated with construction.
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 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.
In which sector are the manufacturing industries placed?
Manufacturing Industries are placed in secondary sector.