The acceleration in overall growth and the reemergence of current account deficit since 2004-05 has been accompanied by a greater degree of openness. The growth in current payments has been accompanied by healthy growth in current receipts - in both goods and services, thus providing for some confidence in the sustainability of current trade patterns and financial stability.
Current receipts pay for up to about 90 per cent of current payments. Within current receipts, merchandise exports are being rapidly exceeded in terms of growth rates by software earnings and a wide variety of business services.