On the bright side
There is a silver lining for India, though small: trade in services. The WTO projects a drop in the growth of global exports of so-called commercial services, from 5.3% in 2025 to 4.1% in 2026. Yet, based on past trends, India’s share of such services could remain strong, if not increase. In global exports, over the last couple of decades, India’s share has stagnated in goods, but increased in services. Since 2008, while global exports of services expanded about two times, India’s services exports increased 3.5 times, having accelerated post-covid.