The Russia-Ukraine War Crisis - It's Impact on Indian Economy

Abstract

The war between the two neighbouring countries Russia and Ukraine is a major setback to the world economy and it adversely affect the growth and high Inflation rate, because of this crisis the whole world economy could be seen slower growth and faster inflation. Russia and Ukraine are the major commodities producers in general more particularly the oil. The war would ddefinitely caused global prices soar. Food costs have jumped with wheat for which Ukraine and Russia produce 30% of global exports. The biggest affect on current accounts will be in the petroleum importers are ASEAN economies India, frontier economies including some of the pacific island.Most of the Indians are cutting down fried food and even vegetables as the Ukraine war increases the prices of edible oil and fuel. Consumers are feeling the bite as the companies’hike the oil prices since the war broke out between Russia and Ukraine. Due to this, prices of diesel and petrol as well as vegetable oils become very expensive.

Keywords: Russia, Ukraine, The War and Indian Economy