On the bright side
There is a silver lining for India, albeit a small one: trade in services. The WTO projects growth in global exports of so-called commercial services to decline from 5.3% in 2025 to 4.1% in 2026. Still, based on past trends, India’s share of these services could remain strong, if not increase. In global exports over the past few decades, India’s share has stagnated in goods but increased in services. Since 2008, while global services exports have grown about twofold, India’s services exports have grown 3.5 times, accelerating post-covid.
