Analyze the case and answer the following questions. Since India opened its markets starting 1990-91, there has been an exponential rise in the country's foreign trade exposure exports have increased more than 16 times and imports more than 19 times. In FY 2020-21, India's imports and exports stood at US$394.43 billion and US$291.80 billion, respectively. While the global trade slump sprung by the COVID-19 pandemic is expected to outlast the global crisis following 2008-09, India's foreign trade statistics offers scope for optimism. Foreign trade saw a dip of 6.8 percent for India a better performance than the forecasted 9.2 percent decline in global trade by the World Trade Organisation (WTO) in October 2020. Despite the subsequent economic downturn during the pandemic, foreign trade for FY 2020-21 saw expansionary trends developing in certain sectors and destinations owing to unique market demand and supply chain disruptions. In this article, India Brieng breaks down major trends in India's foreign trade in FY 2020-21. The uncertain global trade situation caused by the pandemic severely hit global merchandise trade in 2020, and India was not immune to the impact. Exports in FY 2020-21 amounted to a total of US$291.8 billion, declining 6.8 percent. Among the top exported items mineral fuels (oil) and gems and precious metals were the two most exported items, for a combined share of 18 percent. Imports during FY 2020-21, on the other hand, saw a decline of more than 16 percent, amounting to US$394 billion. Mineral fuels and precious stones and metals remained the top imported items, with an increased demand for animallvegetable fats and oils. It is worth noting that raw materials and intermediates account for a considerable proportion of India's exports, while nished products have an overwhelming presence in Ind ia's imports basket. Despite its promising growth, exports alone may not be sufcient to drive growth in the long run if they continue to be dominated by raw materials and intermediates. It lies in India's interest to develop and diversify its manufacturing capacity to utilize its own abundant raw material and move up the value chain to meet domestic as well as foreign demand. Write answers to the following questions. 0.1. Due to COVID pandemic the export and import has affected largely in Indian economy. Explain the scal and monetary policies that you found appropriate to boost the economy from this situation and explain how? (10 Marks] 0.2. Explain the role of WTO on export and import. Also explain the concept of trade decit. [10 Marks]