JNU SSS 2014 Question 8: India's external sector and trade policy

Answer Question Nos. 1–10 on the basis of the following information :

Expenditure on Gross Domestic Product (in ₹ 100 billion)

At Current Prices	2009–10	2010–11	2011–12	2012–13
1. Final consumption expenditure	448	525	617	696
1.1 Government final consumption expenditure	77	89	103	119
1.2 Private final consumption expenditure	371	436	514	577
2. Gross fixed capital formation	206	241	286	307
3. Change in stocks	18	27	17	17
4. Valuables	12	16	25	27
5. Exports of goods and services	130	171	215	243
5.1 Export of goods	85	114	147	163
5.2 Export of services	45	57	68	79
6. Import of goods and services	165	205	272	311
6.1 Import of goods	136	168	235	267
6.2 Import of services	28	37	38	44
7. Discrepancies	0	3	14	32
8. Expenditure on gross domestic product	A	B	C	D

At Constant 2004–05 Prices	2009–10	2010–11	2011–12	2012–13
1. Final consumption expenditure	340	368	400	421
1.1 Government final consumption expenditure	55	58	62	66
1.2 Private final consumption expenditure	285	309	338	355
2. Gross fixed capital formation	159	177	199	200
3. Change in stocks	14	21	12	11
4. Valuables	9	13	13	18
5. Exports of goods and services	100	120	138	145
5.1 Export of goods	66	82	96	100
5.2 Export of services	34	38	42	45
6. Import of goods and services	133	154	187	199
6.1 Import of goods	112	127	163	174
6.2 Import of services	21	27	23	25
7. Discrepancies	−10	−15	−12	−6
8. Expenditure on gross domestic product	479	X	Y	Z

Source : CSO Press Note dated 31st January, 2014

By 2012–13, in Indian economy, the degree of openness has crossed