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Even prior to COVID-19 when the global economy was robust, India’s trade levels had fallen from 55% of nominal GDP in 2014 to 40% in 2020.
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g. The lockdown shut off people from spending for two full months, which will contract India’s economy for the first time in nearly five decades, regardless of a strong agriculture performance. <span>Even prior to COVID-19 when the global economy was robust, India’s trade levels had fallen from 55% of nominal GDP in 2014 to 40% in 2020. Now, with the global economy in tatters, trade is not a viable alternative to offset the loss from consumption. Investment is also not a viable option at this stage since the demand for


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