Which industry has been the major earner of foreign exchange in the recent years?

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

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. The continuing growth in the hardware and software is the key to the success of IT industry in India.

Which industry has 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.

What is the leading foreign exchange earner?

TOURISM is not only the world’s leading service sector but also considered to be an important foreign exchange earner around the world. … All the countries in the world strive for economic benefits by developing tourist resorts for attracting the “global tourists”.

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

“Business Process Outsourcing (BPO)” sector is considered as the major source of foreign exchange for IT industry. Explanation: In BPO sector, there is a contract or agreement done between the company and third party provider related to human resource, payroll, accounting and customer or call center relations.

Which of the following items is the highest foreign exchange earner in 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.

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 the main source of foreign exchange?

Two sources of supply of foreign exchange are: (i) Export of goods and services from domestic country to foreign country. (ii) Foreign direct investment. (i) Payment of loans and interest to international organisations.

How the foreign exchange market operates?

Instead, the foreign exchange market works through financial institutions, and it operates on several levels. Most people and firms who are exchanging a substantial quantity of currency go to a bank, and most banks provide foreign exchange as a service to customers. … This is called the interbank market.

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