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India's trade balance is described in the chapter as historically:
ASurplus, with exports much greater than imports
BBalanced, with exports and imports roughly equal
CDeficit, with imports greater than exports
DZero, with only services being traded
Answer & Solution
Correct answer: C. Deficit, with imports greater than exports
India's trade balance has historically been negative (imports > exports), especially due to petroleum and gold imports. Services trade (IT, BPO) partially offsets the goods deficit.
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