Absolutely. Before 1900. the value of INR is 1 INR= 50 USD . But it is changed due to we buy theirs products.
The U.S. has a huge trade deficit with China amounting to $315 billion from importing goods cheaper than can be made domestically, such a trade deficit effects the stability of the country's economy.
As a country becomes more prosperous there is a greater temptation to import cheaper goods from less developed countries, India could reproduce the U.S. problem.
Buying foreign made products sends your hard earned money to that country and benefits them instead of your country. support your local economy and buy products made in it. I always look for American made products wherever I go, even if it's a dollar more. Buy Indian made products. Ever bit helps in todays economy.
Of course it will boost their economy but if you make a perfect strategy to sell those products in your country then it can help you out.
When you buy foreign you are sending money to other countries which boosts their economy.
This is not complete truth.
One of my friends told me that using foreign brands will cause a huge loss to our Indian economy , Is it true? If yes how? Can anyone explain?
