The enormous impact of globalization is seen from the fact that global merchandise trade as a share of world gross domestic product increased from 27.7% to 50.3% between 1986 and 2011. In India, we saw a similar story—the share of foreign merchandise trade went up from 11.5% of GDP to 44.4% in 2012. Since then, as the chart shows, it has been a downhill ride.
