Russia- Ukraine War - Impact on Indian Economy in Context of Imports and Exports

Abstract

The conflict between Russia and Ukraine, two neighbouring nations, is a serious setback to the global economy and has a negative impact on growth and inflation. As a result of this crisis, the global economy has experienced negative growth accompanied by inflation. In terms of overall production of commodities, Russia and Ukraine are both leaders, with oil being their primary product. Because Ukraine and Russia produce 30% of the world's wheat, the war caused global prices, such as food expenses, to surge. The ASEAN economies, India, emerging economies, including several pacific island nations, and petroleum importers will have the most impact on current accounts. Due to the rising costs of fuel and edible oil due to the Ukraine crisis, most Indians are reducing their consumption of fried foods and even vegetables. Since a war between Russia and Ukraine erupted, corporations have been raising oil costs, which is biting consumers. As a result, the cost of diesel, gasoline, and vegetable oils increases dramatically.