NEW DELHI : India’s foreign trade has undergone transformation in recent years. Traditionallyknown for exporting physical goods, India now derives greater value from intangible exports.Services, remittances and other invisible transactions have become the dominant contributors to thecountry’s external balance of payments. This shift reflects changes in the global economy and India’sevolving role in international trade.
Growth of Merchandise Exports
India’s exports of physical goods rose sharply from $66.3 billion in 2003-04 to $318.6 billion in 2013-14. After a pandemic-induced slump . . .
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