The correct answer is option 4. Explanation & Key Takeaways: • In the year 1966 Rupee was devalued by 36.5% and a number of trade liberalizing measures were taken, resulting in export growth, outpacing imports growth. • The current account turned into a surplus in 1972-73, but it was short-lived as the first oil shock occurred by October 1973. Invisible receipts grew sharply stemming from workers’ remittances from the Middle East, consequently, the current account balance turned into a surplus in 1976-77. • The trade “balance” of a country shows the difference between what it earns from its exports and what it pays for its imports. • If this number is in negative – that is, the total value of goods imported by a country is more than the total value of goods exported by that country – then it is referred to as a “trade deficit”.Invisibles refer to payments and receipts resulting from international trade in 'invisible' services rather than 'visible' goods.