Russia Ukraine Conflict: After Russia’s attack on Ukraine, there is a scene of devastation. Heavy firing continues even on the third day of the war. Ukrainian President Volodymyr Zelensky has refused to leave the country. They have rejected America’s offer and asked for weapons. The war between Russia and Ukraine will have an impact on India as well. Inflation may increase in the country. At the same time, trade with these countries will also be affected. Let us know what challenges are going to arise in front of India from this war.
oil prices will rise
Crude oil prices are skyrocketing in the international market. However, the price has not increased in India. The reason for this is the assembly elections. There is every possibility of the price going up once the elections are over. A 10 per cent increase in crude oil prices will lead to a 0.9 per cent increase in wholesale inflation. If crude oil prices remain above $100 per barrel, then wholesale inflation in India will increase by about 2-3 per cent.
Sunflower oil prices to rise
Ukraine is the largest sunflower growing country. The impact of this war will be on sunflower oil prices. In 2020-21, India imported 1.4 million tonnes of sunflower oil from Ukraine.
ghaziabad’s business will be affected
The impact of the war between Russia and Ukraine will affect the business of Ghaziabad. There are many factories here, which are exported and imported from both the countries. It exports agriculture and clothing from Ghaziabad in Ukraine and Russia. Due to this war, the Ghaziabad Industry Association has suffered a loss of 100 crores.
Import-Export of India and Russia
India exports tea, coffee, clothing, electrical machinery, iron, steel and chemicals to Russia. Last year, India exported Rs 19,649 crore and imported Rs 40,632 crore with Russia.
Import-Export of India and Ukraine
India exports textiles, farm products, pulses, chemicals, plastic items and electric machinery to Ukraine. Last year, there were exports of 3338 crores and imports of Rs 15,865 crores between Ukraine and India.
Posted By: Sandeep Chourey