Q. India’s all economic transactions with the outside world in a year will be known as __________?
Answer: Balance of Payments
Notes: The correct answer is "Balance of Payments." It refers to a comprehensive record of all economic transactions between residents of a country and the rest of the world over a specific period, typically a year. This includes trade in goods and services, investment income, and financial transfers. The Balance of Payments is crucial for understanding a country's economic position and is divided into the current account and capital account.