This grand arc of the post-World War II period, this Pax Americana, has also seen the astonishing growth of international trade. On the one hand, with greater trade consumers and workers have benefitted all over the world. 4  I share the strongly held view that free trade among countries contributes to faster economic growth and greater aggregate well-being.
Structural shifts in services exports, led by software and other business services, and remittances have imparted stability and strength to India’s balance of payments. The net invisible surplus has offset a significant part of the expanding trade deficit and helped to contain the current account deficit to an average of one per cent of GDP since the early 1990s.