The question consists of an assertion and a reason related to India`s trade condition in the year 2002-03. The correct answer is option 4, meaning that the provided assertion is false and the reason is true.

Let`s explain each option for better understanding.

Option 1 suggests that both the assertion, i.e, India having no trade deficit in 2002-03, and the reason, which states India’s exports exceeded $50 billion in the same year, are true and the reason correctly explains the assertion. However, this is not the case as the assertion is incorrect.

Option 2 also indicates that both the assertion and reason are true, but the reason does not explain the assertion. But again, the assertion is not accurate, hence this option is also incorrect.

Option 3 holds the assertion as true but the reason as false. This is not the case, as the assertion is false.

Lastly, Option 4 states that the assertion is false, but the reason is true. This is the correct answer as, during 2002-03, although India`s export did cross $50 billion, the country faced a trade deficit, making the assertion wrong.