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Balance of Trade & Balance of Payments - Sector-wise Trends and Issues, Indian Economy Video Lecture | Indian Economy - B Com
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FAQs on Balance of Trade & Balance of Payments - Sector-wise Trends and Issues, Indian Economy Video Lecture - Indian Economy - B Com
| 1. What is the balance of trade? |  |
Ans. The balance of trade refers to the difference between the value of a country's exports and the value of its imports. If a country's exports exceed its imports, it has a trade surplus. Conversely, if a country's imports exceed its exports, it has a trade deficit.
| 2. What is the balance of payments? | |
Ans. The balance of payments is a record of all economic transactions between a country and the rest of the world during a specific period, typically a year. It includes both the current account, which measures the flow of goods, services, and income, and the capital account, which measures the flow of financial capital.
| 3. What are the sector-wise trends in India's balance of trade and balance of payments? | |
Ans. In India, the services sector has been a major driver of the balance of payments surplus, while the merchandise trade balance has been a consistent source of deficit. The IT and IT-enabled services sector, as well as the remittances from Indian workers abroad, have contributed significantly to the surplus in the services account.
| 4. What are the issues related to India's balance of trade and balance of payments? | |
Ans. Some of the key issues related to India's balance of trade and balance of payments include the high dependence on oil imports, the growing trade deficit with China, the volatility in global commodity prices, and the impact of exchange rate fluctuations on export competitiveness.
| 5. How does the balance of trade and balance of payments impact the Indian economy? | |
Ans. The balance of trade and balance of payments play a crucial role in determining the overall health of the Indian economy. A sustained trade deficit can put pressure on the country's foreign exchange reserves and currency value, while a surplus can contribute to economic growth and stability. Additionally, the balance of payments position reflects the country's ability to attract foreign investment and finance its current account deficit.
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Dec 23, 2024 Last updated |
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