India’s export markets are still largely limited to the developed countries.”
Critically examine this statement highlighting the main factors responsible for the present state of affairs and your views about the future prospectus.
Its not entirely correct to say that India's export markets are largely limited to developed countries, but than its not wrong as well.
Worldwide the countries which are developed today, they went about development in a logical pattern which can be well understood.
But India is an exception, normally a country makes a robust development in primary sector, then in manufacturing or secondary sector, and then it jumps to tertiary sector boom, but India is a country which exports software and imports onion, you might not be amused by this, but while reading this you have to keep in mind that India is a country where still 70% population finds their bread and butter from agriculture and allied activities.
So if agrarian economy cannot export agricultural product, than what else can you sell, and whatever you sell you cannot expect the people from Zimbabwean or Kenya to being able to afford that, so of course only developed country can be your customers.
Having said all this, i must tell you that India's export market is in underdeveloped countries too, for example India is exporting paper, Mettle, Sugar, Rice, Hard board, Glass and so many other product the African nations.