Best of BS Opinion: India's export cushion, import dependence, and more

Here is the best of Business Standard's opinion pieces for today

Services exports are raking in $60 billion a year more in revenues, on a net basis, than in the pre-pandemic period. This has provided much-needed relief on the balance of payments front. What’s driving this surge? It’s the impressive rise by Indian IT to meet global tech needs. This, write Pranjul Bhandari and Aayushi Chaudhary, “is likely to provide an additional cushion to external finances in the short run (when the Fed hikes rates for longer) and also the medium term (helping fund a likely rising goods trade deficit).” Read their assessment of the future of India’s IT sector here

In other views:

The top edit makes the point that India’s growing dependence on arms imports can increase military risks in a changing global environment. Read it here

The second edit argues that India urgently needs legislation on cryptocurrency transactions. Read it here

Harsh V Pant and Aditya Gowdara Shivamurthy point out that economic crises in Pakistan and Sri Lanka have raised questions about Beijing's attempt to challenge the Bretton Woods system. Read it here

QUOTE OF THE DAY

 

“Sentiment just seems to have evaporated”

 

Neil Wilson of Markets.com on FTSE’s new low on Wednesday