The Indian economy is in the midst of a steep and pervasive slowdown, with the growth rate having declined in six successive quarters down to 4.5 per cent in FY 2019/20 Q2 and with little prospect of early recovery. There is a great deal of debate in the media and other fora on how to revive the main components of aggregate demand such as consumption and investment, and whether the parlous fiscal situation permits further pumping up of government spending. Astonishingly, there is little discussion on the missing component, exports.
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