Write a note on the changing nature of the international trade in the last fifteen years.
The nature of international trade has undergone significant changes in recent times.
For a long time, trade and transport were restricted to a limited space. However, with the development in science and technology, the area of influence of trade and transport has expanded far and wide. This has brought about a major transformation in how countries engage in trade.
Today, the world has been converted into a large village with the help of efficient and fast moving transport. This transformation has been achieved with the help of equally developed communication systems. Transport, communication and trade are now complementary to each other, working together to facilitate global exchanges.
India has emerged as a software giant at the international level. The country is earning large foreign exchange through the export of information technology. This represents a significant shift in the nature of trade, with technology-based services gaining prominence.
India now has trade relations with all major trading blocks and all geographical regions of the world. The advancement of international trade serves as an economic barometer for a country, acting as an index to its economic prosperity. Trade has become essential as resources are space bound and no country can survive without international trade.
Explanation
The question asks about the changing nature of international trade. While the context does not explicitly mention 'fifteen years', it provides relevant information about how trade has transformed with developments in science and technology. The key points from the context include: (1) trade and transport were earlier restricted to limited space but have now expanded, (2) the world has become a 'large village' due to efficient transport and communication, (3) India has emerged as a software giant earning foreign exchange through IT exports, (4) India has trade relations with all major trading blocks, and (5) international trade is an economic barometer for countries. The answer integrates these points to address the question about changing nature of trade.