|"the datafile at the above location shows that its 0kb"|
Then you've lost all your Outlook data, and that is precisely why you should always keep a backup of the PST file on another drive - and it's so easy to back it up as well.
Easier than any other email client I know of.
You will have to uninstall Outlook, then delete the 'Outlook' sub-folder which contains the zero bytes PST file.
Now reinstall Outlook and start over with no messages and no contacts if you didn't back them up.
That's learning your lesson the hard way. I've been there myself.