Choose the given statement is True/False

Indian steel exports to Chinese markets will not integrate the markets in both countries.

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True

False

answer is B.

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Detailed Solution

The given statement is false. With China’s increasing import of steel from India, domestic Chinese consumers will get better choices and quality of goods due to increased competition, while domestic producers might suffer. Chinese companies will produce various goods from this imported steel and may sell those goods in Indian markets. India can be a net exporter of raw materials to China, and China can be a net exporter of finished products to India. Because of the easy availability of cheap labour in China, domestic companies in China can produce steel products at a low cost. It will also lead to affordable prices of Chinese steel products in the Indian markets. Thus, Indian steel exports to Chinese markets will integrate both economies.
Thus the correct statement would be Indian steel exports to Chinese markets will integrate the markets in both countries.

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