In fact, India’s services exports have shown a higher degree of resilience to global shocks than merchandise exports. At $ 81.9 billion, net services exports financed 45 per cent of India’s trade deficit in 2018–19.
So it is encouraging that a strategic review of their mandates and operations has begun. This review is a first step towards a much-needed updating of these institutions. Commodity price adjustments I’ve spent some time outlining some of the structural forces at work in the world economy.