Assertion (A): For the first time, India had no trade deficit in the year 2002-2003. Reason (R): For the first time, India's exports crossed worth $ 50 billion in the year 2002-03.

1. Assertion (A): A trade deficit occurs when a country's imports exceed its exports. India has historically run a trade deficit. Achieving zero trade deficit (or a surplus) in the year 2002-2003 would have been a significant and unusual event. Data for 2002-03 shows India did have a trade deficit (imports were greater than exports). So, Assertion (A) is false. 2. Reason (R): India's exports of goods did cross the US$ 50 billion mark for the first time in the fiscal year 2002-03 (reaching about $52.7 billion). So, Reason (R) is true. 3. Since Assertion (A) is false and Reason (R) is true, the correct option is (D).