If the exports of gems and jewellery in 1999-2000 were approximately $ 300 million then what is the value (in millions) of the exports of ores and minerals in 2002-2003, given that the value of India’s exports has increased by 150% from 1999-2000 to 2002-2003?
Solution
Exports of gems and jewellery in 1999-2000 = 300 million
=> India's exports in 1999-2000 = $$300\times\frac{100}{16.6}\times\frac{100}{77.6}\approx2330$$ million
After 150% increase, India's exports in 2002-03 = $$2.5\times2330=5825$$ million
$$\therefore$$ Value (in millions) of the exports of ores and minerals in 2002-2003 = $$\frac{3.6}{100}\times5825\approx209.7$$ million
