New Delhi, June 11 -- Here are some facts. Today, the share of services in global trade stands at about 25%. More importantly, it is the only category of trade that has expanded at a rapid pace since the financial crisis year of 2008. In recent years, the share of goods in trade has fallen by about 5 percentage points and there has been a corresponding increase in the case of services.

This pattern is mirrored in India's case. According to the Economic Survey 2024-25, the share of services in terms of export gross value added (GVA) has increased from around 51% in 2014-15 to around 55% now. Further, it is growth in services trade which has kept India's current account deficit (CAD) at a manageable 2% of GDP.

It was the General Agreement...