Ukraine-Russia war impacts Indian economy brutally

Edited By: Aashish Vashistha

March 24, 2022 (New Delhi): The war between Ukraine and Russia is already trending for manyeasons in world, while economy is at most concern doing business in the fog of war is fraught with unknown risk. Where countries like US have raised the ante in this war by announcing a ban on the import of Russian energy products, the reports says that US only import an average percentage of Russian oil while it imports 51 % of oil from Canada, the economist analysts has fear that, this deal could create havoc in Indian economy.

The stock market has already reacted, with major indices falling by almost 10% since February 1 although it got recovered in days during the results of state election, while many of market veterans shrug off this matter claiming it to be a “technical correction’’. While addressing on of the event RBI governor Shaktikanta Das said that there would be “marginal impact “. He stated that Indian’s economy is far better placed today and there would be “margil impact” from the Ukraine war.

While at the other hand Union Finance Minister Niramala Sitaraman said that “prices of crude oil prices are rising due to the Ukraine crisis and the central government is looking up parallel source,”.
The other product which can also have great impact on it is “Wheat” as Ukraine and Russia are 30% importers of wheat from India which have stopped ever since the war have started so the impact of war can also be seen on rate of wheat.

Written By: Manshi Singh