New Delhi, May 25 -- A balance-of-payments problem arises when a country consistently spends more foreign exchange than it earns through exports, services, remittances, and investments. The resulting gap must then be financed through foreign capital inflows, borrowing, remittances, or depletion of foreign exchange reserves. If this imbalance persists for too long, pressure eventually builds on the currency, external debt, and overall economic stability.

For India, this has been a recurring structural concern rather than a temporary phenomenon. The country's dependence on imported crude oil, electronics, machinery, defence equipment, and gold has long kept the trade balance under pressure. During periods of global stability, these vulnera...