Three waves of COVID -19 pandemic across the globe severely affected the e all nations. Two years of slowdown disrupted the global value chains which interconnect all the nations. At the domestic level all economies suffered from a fall in demand and purchasing power on one hand and fall in production and investment due to lockdowns. Before the world could revive from the impact of pandemic, the Ukraine-Russia War worsened the global situation. The falling growth rates in advanced economies, inflationary trends across the globe seem to imply that the world economy is moving towards a recession. India is witnessing downward trends in many economic indicators and inflation though its growth rate continues to be better than many neighboring economies. This study attempts to analyse the economic situation in India in this scenario. The study outlines the growth trends in economic indicators: Growth rate of gross domestic product, saving-investment trends, growth of manufacturing sector, employment level, inflation, and the state of the Rupee in the post pandemic period. Secondary data from various resources has been used. The analysis of data on these fronts reveals that recission is around the corner at the global level but India is performing better than many nations. Still, the economists are worried about India‟s „K Shaped‟ trend in consumption expenditure which is broadening the socio-economic disparity of the rich and the poor. The level of optimism in both the consumer and the private investor continues to be very low. In the rural economy, growth has become stagnant. If the global recessionary trends result in the diversification of supply chains away from China towards India and India‟s manufacturing sector picks up, India may benefit from the global headwinds.