Question

State the balance of payment position of india. What steps that government, public and corporations can take to improve the position.

Answer 1

The balance of payments is broadly classified into:

(a) Current account and

(b) Capital account.

The current account includes: visible exports and import; invisible items relating to receipts and payments for various services like banking, insurance, shipping, travel etc. and other unilateral transfer of payments like donations, grants, taxes etc.