Trade Watch Quarterly

NITI Aayog Vice-Chairman released the latest edition of the “Trade Watch Quarterly” for Quarter 4 of FY 2025-26 (January–March 2026) on 23 June 2026.

The publication offers a comprehensive assessment of global and domestic trade trends, highlighting that global trade has remained resilient despite persistent macroeconomic challenges, geopolitical tensions, and supply-chain disruptions.

Key Findings

• India’s overall trade performance remained broadly stable during FY 2025-26.
• Total merchandise and services trade expanded by 5.4% year-on-year (y-o-y) during April–March FY 2025-26.
• India’s total trade reached $1.84 trillion, underscoring the country’s growing integration with the global economy.

Focus on Pharmaceutical Sector

The thematic focus of this edition is the pharmaceutical sector, widely regarded as one of India’s most globally competitive industries and a key contributor to exports, healthcare access, and manufacturing growth.

The report identifies Telangana, Gujarat, and Maharashtra as the principal hubs of India’s pharmaceutical industry. These states account for a substantial share of the country’s:

• Pharmaceutical production,
• Drug exports, and
• Integration into global value chains (GVCs).

According to the report, their success has been driven by:

• Robust manufacturing ecosystems,
• Cluster-based industrial development,
• Presence of globally competitive pharmaceutical companies,
• Strong research and innovation capabilities, and
• Supportive state and national policy frameworks.

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