The question consists of two statements, namely, Assertion (A) and Reason (R). Use them to choose the correct alternative. Assertion (A): During the British rule, India's exports exceeded the imports leading to a surplus of balance of trade. Reason (R): The surplus of balance of trade was used for the growth and development of India.

What was the condition of India's foreign trade at the time of independence (1947)?

Select the correct option regarding the following two statements labelled Assertion (A) and Reason (R). Assertion (A): The stagnation in the agricultural sector during colonial rule was caused mainly because of the various systems of land settlement introduced by the British government. Reason (R): India's economy under British colonial rule remained fundamentally agrarian — about 85% of the country's population lived mostly in villages and derived their livelihood directly or indirectly from agriculture.