Canada’s regulatory regime and investment climate were also cited as impediments.1 Now let’s look at how this past experience compares with today. While the period leading up to the global financial crisis was positive for trade, the period before the pandemic was anything but. Trade disputes arose between the United States and several other economies, including Canada, the European Union and particularly China.
In this context, it may be noted that, in the last century, India did not face an "urban explosion" as against rapid urbanization across the globe. India’s level of urbanisation increased from 17.6 per cent in 1951 to only 23.7 per cent in 1981 and 27.8 per cent in 2001.