GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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import-export policy
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balance of payment
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balance of trade
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annual budget
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Detailed explanation-1: -Visible and invisible items of debit and credit are the part of the balance of payment. The balance of Payment is a full record of a financial transaction between residents and residents of the rest of the world in a specific year. It includes current account and capital account.
Detailed explanation-2: -2. The balance of payments on current account, which consists of the balance of trade together with ‘invisible’ earnings and payments. Invisible exports are services provided to people living abroad; ‘visible’ exports are the physical goods sold abroad.
Detailed explanation-3: -Balance of trade refers to the difference between the value of imports and exports of commodities or goods or of visible items only. Thus, balance of trade is only a part of the balance of payments which covers the total debits and credits of all items visible as well as invisible.