Examine overall scenario of balance of payment in india and how it change over last five year
Answers
The balance of payments position of the country reflects on its economic health. The balance of payments of any country is a comprehensive and systematic accounts of all the different transactions occurred between the residents of a country and the rest of the world during a particular period of lime.
The balance of payments maintains detailed classified records of different types of receipts against exports of goods, services and all the capital received by its residents on the one hand and also of all the payments made by the residents against imports of goods and services received along with the capital transferred to non-residents and foreigners, on the other hand. Thus the balance of payments is much wider than the balance of trade which refers to only merchandise exports and imports.