Question

explain two effects on our economy due to export of this good quality iron ore to foreign countries in large quantities.

Answer 1

About half of the iron-ore produced in India is exported primarily to Japan, Korea,European countries and Gulf countries.Our economy is effected due to export of this good quality iron ore to foreign countries in large quantities.

1.The positive effect is that it brings huge quantities of foreign exchange which is essential for development activities in the contry.

2.Its negative effect is on industrial production as the country runs short in production of iron and steel in spite of having good reserves of iron ore.​