Questions 3.7, 3.8 CHAPTER 3 The Balance of Payments India's Current Account Use the following balance of payments data for India from the IMF to answer Problems 3.5-3.9. Assumptions (million US$) Goods: exports Goods: imports Balance on goods Services: credit Services: debit Balance on services Income: credit Income: debit Balance on income Current transfers: credit Current transfers: debit Balance on current transfers 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 77,939 102,175 123,876 153,530 199,065 167,958 230,967 307,847 298,321 319,110 329,633 -95,539 -134,692 -166,572 -208,611 -291,740 -247,908 -324,320 -428,021-450,249 433,760 415,529 -17,600 -32,517 -42,696 -55,081 -92,675 -79,950 -93,353 -120,174 -151,928 -114,650 -85,895 38,281 52,527 69,44086,552 106,054 92,889 117,068 138,528 145,525 148,649 156,252 -35,641 -47,287 -58,514 -70,175 -87,739 -80,349 -114,739 -125,041 -129,659 -126,256 -137597 2,640 5,241 10,92616,377 18,315 12,540 2 ,329 13,487 15,866 22,39318,656 4,6905,646 8,199 12,650 15,593 13,7339,961 10,147 9,899 11,230 11,004 -8,742 -12,296 -14,445 -19,166 -20.958 -21,272 -25,563 -26,191 -30,742 -33,013 -36,818 -4,052 -6,650 6,245 -6,516 -5,365 -7,539 -15,602 -16,044 -20,843 -21,783 -25,815 20,615 24,512 30,015 38,885 52,065 50,526 54,380 62,735 68,611 69,441 69,786 -822 -869 -1,299 -1,742 -3,313 -1,764 -2,270 -2,523 -3,176 -4,626 -4,183 19,793 23,643 28,716 37,143 48,752 48,762 52,110 60,212 65,435 64,815 65,603 3.5 What is India's balance on goods? 3.6 What is India's balance on services? 3.7 What is India's balance on goods and services? 3.8 What is India's balance on goods, services, and income? 3.9 What is India's current account balance?

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