ICSE Class X Economics 2020 Solved Papers

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Question : 13
Total: 36
Explain any one type of public debt.
Solution:  
Internal debt means the government's borrowings within the country. Individuals, banks, business firms and others are the various internal sources from which the government borrows. The various instruments of internal debt include market loans, bonds, treasury bills, ways and means and advances.
Or
External debt means the government's borrowings from abroad. External debts are multilateral borrowings, bilateral borrowings, loans from the World Bank and the Asian Development Bank. It helps for various developmental programmes.
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