These days very often we hear that India's high current account deficit has become a major cause of concern for the economists. Which of the following are recorded in the current account?

I. Goods II. Services III. Income IV. Current Transfers

In economics, the current account is one of the three primary components of the balance of payments, the other two being - capital account and financial account. In the current account, goods, services, income and current transfers are recorded. A current account surplus increases a country's net foreign assets by the corresponding amount, and a current account deficit does the reverse. Both government and private payments are included in the calculation. It is called the current account because goods and services are generally consumed in the current period.