Services exports boosting foreign trade

New Delhi: India’s foreign trade is expected to cross the $1.6 trillion mark this fiscal despite global economic uncertainties, economic think tank GTRI said in a report. The Global Trade Research Initiative (GTRI) said the $1.6 trillion would be about 48 per cent of India’s nominal GDP of $3.4 trillion for the fiscal year ending March 2023. The higher trade-to-GDP ratio also speaks of high trade openness which the country practices, said GTRI co-founder Ajay Srivastava.