1953: GOA, INDIA

The video discusses the economic impact of low customs duties in Goa, which leads to increased business and revenue. Luxury goods from the West are available at lower prices compared to the US, but many items are re-exported or smuggled into India. The smuggling of goods, including pearls from Iran, contributes significantly to the black market in Indian cities like Bombay, with an estimated $10 million worth of materials smuggled annually.

What is one of the main reasons for the high volume of business at Goa's port?

• Limited import licenses

• Low customs duty on imports

• Strict import regulations

• High customs duty on imports

Why are luxury items from the West cheaper in Goa compared to the United States?

• They are heavily taxed in the US

• They are of lower quality

• They benefit from Goa's low import tariffs

• They are manufactured locally in Goa

What happens to most luxury items imported to Goa?

• They are consumed locally

• They are exported to other countries

• They are destroyed

• They are stored in warehouses

From which country do pearls imported to Goa originate?

• Iran

• United States

• Brazil

• China

What is the estimated annual value of goods smuggled into India from Goa?

• $10 million

• $5 million

• $20 million

• $1 million