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Foreign trade plays a crucial role in the economic growth of a country, especially in the context of a developing economy like India. It involves the exchange of goods, services, and capital across international borders and contributes to economic development in various direct and indirect ways. Firstly, foreign trade expands the market for domestic producers. In a closed economy, producers are limited to selling within their own country. However, when foreign trade is allowed, it gives access to international markets, allowing producers to increase their scale of production and take advantage of economies of scale. This leads to increased efficiency, reduced production costs, and enhanced competitiveness. Secondly, foreign trade enables the import of capital goods, advanced technology, and _______ _________ _______ ____ __________ ________ _____ __________.
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