Impact of COVID-19 Pandemic on India’s Exports and Imports (With Reference to Selected Principal Commodities of Agricultural and Manufacture Sectors)

Abstract

Actually from the years of evolution till the very recent covid-19 pandemic, trade has evolved and changed theme scenario of various things in the entire globe. From monopoly to perfect competition, from domestic to global trading and again back to the local trading due to covid-19 pandemic situations changed. The cultural, political, monetary, social development have been possible due to trade in the world and if at all trade is stopped it may hinder the economic growth and smooth relations. Recently India introduced its new foreign trade policy for 2021-2026 intending to become an economy of USD 5 trillion along with making India a superior in the area of International trade. Covid -19 pandemic led trade disruption worldwide, but the agricultural and food sector proved to be more resilient than other sectors of the economy. Whereas the scale of disruption has significantly affected business and manufacturing is no exception and it has had implication on production, demand supply chain. In this context, an attempt has been made in this paper to enlighten the overall India’s exports and imports from 2016-2021and also focus on the imports and exports of principle agricultural commodities as well as manufacturing commodities. The study also tries to undertake the immediate and potential impact of pandemic on exports and imports of India.