India announces total ban on leaving the home starting at midnight – ForexLive
India goes on full lockdown
Indian PM Modi has announced a total lockdown of the country for 21 days to stop the virus. That’s another major hit to global demand.
With 1.3 billion people, this marks the biggest lockdown in world history. That’s 17.5% of the world’s population.
India is also responsible for 5% of global oil demand, 4% for metals and 4-5% of global GDP. Oil demand in 2019 was 4.7 million barrels per day.
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