What is India’s balance on services?

Use the following balance of payments data for India from the IMF to answer Problems 3.5–3.9.

Assumptions (million US$) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Goods: exports 77,939 102,175 123,876 153,530 199,065 167,958 230,967 307,847 298,321 319,110 329,633 Goods: imports -95,539 -134,692 -166,572 -208,611 -291,740 -247,908 -324,320 -428,021 -450,249 -433,760 -415,529 Balance on goods -17,600 -32,517 -42,696 -55,081 -92,675 -79,950 -93,353 -120,174 -151,928 -114,650 -85,895 Services: credit 38,281 52,527 69,440 86,552 106,054 92,889 117,068 138,528 145,525 148,649 156,252 Services: debit -35,641 -47,287 -58,514 -70,175 -87,739 -80,349 -114,739 -125,041 -129,659 -126,256 -137,597 Balance on services 2,640 5,241 10,926 16,377 18,315 12,540 2,329 13,487 15,866 22,393 18,656 Income: credit 4,690 5,646 8,199 12,650 15,593 13,733 9,961 10,147 9,899 11,230 11,004 Income: debit -8,742 -12,296 -14,445 -19,166 -20,958 -21,272 -25,563 -26,191 -30,742 -33,013 -36,818 Balance on income -4,052 -6,650 -6,245 -6,516 -5,365 -7,539 -15,602 -16,044 -20,843 -21,783 -25,815 Current transfers:
credit 20,615 24,512 30,015 38,885 52,065 50,526 54,380 62,735 68,611 69,441 69,786 Current transfers:
debit -822 -869 -1,299 -1,742 -3,313 -1,764 -2,270 -2,523 -3,176 -4,626 -4,183 Balance on current transfers 19,793 23,643 28,716 37,143 48,752 48,762 52,110 60,212 65,435 64,815 65,603