On 23 June 2026, NITI Aayog Vice-Chairman Shri Ashok Kumar Lahiri released the 8th edition of the Trade Watch Quarterly in New Delhi, covering the fourth quarter (January–March 2026) of FY2025-26. The publication assesses global and domestic trade trends at a time when global trade has shown resilience despite persistent macroeconomic and geopolitical uncertainties. India's trade remained broadly stable, with total goods and services trade growing 5.4 per cent year-on-year during April–March FY2025-26 to reach USD 1.84 trillion, with exports rising 4.2 per cent and imports 6.5 per cent. Services trade was the key pillar of strength, with services exports growing 9.0 per cent and sustaining a strong surplus. India retained its position as the world's eighth-largest services exporter in 2025, recording a 10.3 per cent CAGR in services exports between 2015 and 2025, well above the global average. The focus theme of this edition is India's pharmaceutical sector, a strategic pillar of the economy. In 2025, global drug and Active Pharmaceutical Ingredient (API) demand was estimated at around USD 1.3 trillion, while India exported USD 35.8 billion of pharma and API products. India's export strength is concentrated in formulations and generics, while higher-value segments like biologics and immunologicals remain underpenetrated. For raw materials and intermediates, India remains dependent on imports, especially from China. Telangana, Gujarat and Maharashtra have emerged as the leading pillars of India's pharmaceutical industry.