The primary objective of economic integration is to promote free trade and economic cooperation among countries by reducing or eliminating trade barriers, such as tariffs and quotas, and by promoting the free flow of goods, services, and capital.

While economic integration can lead to increased trade and investment, enhanced economic growth, and improved competitiveness, it does not necessarily lead to reduced consumer prices. In fact, in some cases, economic integration can lead to higher prices for consumers due to increased competition and the removal of trade barriers.

Free trade area, customs union, common market, and economic union are all types of economic integration. A free trade area is an area where goods and services can be traded freely between member countries without tariffs or quotas. A customs union is a free trade area with a common external tariff. A common market is a customs union with the free movement of labor and capital. An economic union is a common market with a common currency and a common economic policy.

Economic integration typically leads to an increase in trade volume between member countries. This is because the removal of trade barriers, such as tariffs and quotas, makes it easier and cheaper for businesses to trade with each other. Additionally, economic integration can lead to increased investment, which can further boost trade.

Economic integration typically leads to an increase in investment, both domestic and foreign. This is because the removal of trade barriers and the creation of a larger market make it more attractive for businesses to invest in member countries. Additionally, economic integration can lead to increased economic growth, which can further boost investment.

Economic integration typically leads to increased economic growth, not reduced economic growth. The other options, loss of sovereignty, increased competition, and adjustment costs, are all potential challenges associated with economic integration.

The challenges associated with economic integration can be addressed through careful planning and implementation. This includes taking steps to mitigate the loss of sovereignty, address adjustment costs, and promote fair competition. Government intervention, trade protectionism, and isolationism are not effective ways to address the challenges of economic integration.

Economic integration has led to an increase in India's trade with other countries. This is because India has been able to access new markets and has become more competitive in the global economy. Additionally, economic integration has led to increased investment in India, which has further boosted trade.

Economic integration has led to an increase in foreign investment in India. This is because India has become a more attractive destination for foreign investment due to its large market, growing economy, and improved investment climate. Additionally, economic integration has made it easier for foreign companies to do business in India.

India faces a number of challenges in the context of economic integration, including loss of sovereignty, increased competition, and adjustment costs. Loss of sovereignty occurs when India is required to give up some control over its economic policies in order to comply with the rules of the economic integration agreement. Increased competition can lead to job losses and lower wages for some workers. Adjustment costs can occur when India has to make changes to its economy in order to comply with the rules of the economic integration agreement.

India can address the challenges that it faces in the context of economic integration through careful planning and implementation. This includes taking steps to mitigate the loss of sovereignty, address adjustment costs, and promote fair competition. Government intervention, trade protectionism, and isolationism are not effective ways to address the challenges of economic integration.

India can gain a number of potential benefits from economic integration, including increased trade and investment, enhanced economic growth, and improved competitiveness. Increased trade and investment can lead to higher incomes and more jobs. Enhanced economic growth can lead to improved living standards and a better quality of life. Improved competitiveness can make India more attractive to foreign businesses and investors.

India has entered into a number of economic integration agreements, including the South Asian Association for Regional Cooperation (SAARC), the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), and the India-ASEAN Free Trade Area (FTA). These agreements have helped to promote trade and investment between India and its neighboring countries.

Economic integration has led to increased economic growth in India. This is because economic integration has led to increased trade and investment, which has boosted the economy. Additionally, economic integration has made India more competitive in the global economy, which has also contributed to economic growth.