Shutdown: How Covid Shook the World's Economy

by Adam Tooze

The year 2020 dealt a savage blow to India’s pretensions to Asian leadership. Delhi’s coronavirus response was botched. Tens of millions were hurled into destitution. India’s economic contraction was among the worst in the world. When Indian and Chinese soldiers clashed in the Himalayas in June, in the worst border violence since 1975, it did not end well for the Indians. Dozens were killed and China ended up in control of 600 square miles of extra territory in the disputed Ladakh region.74 The ensuing patriotic protests led to a boycott of Chinese cell phones and apps like TikTok. But India could not afford a Cold War. For all India’s recent growth, Beijing’s defense budget was almost four times that of India and its economy six times bigger.