Description

The ongoing war between Russia and Ukraine has horrified the whole world. Hundreds of people are dead, many people from different countries are waiting for evacuation and on a very large scale destruction is caused by the conflict going on between the two.

The situation has affected the entire world and India isn't except for them. A report by bank of India (SBI) economists showed that the continued conflict between Russia and Ukraine may impact certain high-frequency indicators like financial markets, charge per unit, and crude prices within the short-term.

However, it is noticed that this moment won’t have any long-lasting impact on the Indian Economy.

Common man of India has to bear the brunt of russia-ukraine war

The common man should chock himself as the price of many items like fuel, oil, metals and precious stones are going to rise in days to come, even though the war is being fought 5000 km away. It is assured that Fuel, cooking gas, sunflower oil, automobiles, petroleum products, gold, precious stones and metals, coal & fertilizers are set to become more expensive due to war in upcoming days.

The Chief Rating Officer of ICRA, K Ravichandran has stated that the economic sanctions imposed on Russia will have impaction on Indian companies. Defence, tea exports, steel, coal, pharmaceuticals, fertilizer, oil, and gas sectors are expected to face maximum raise.

PRICES OF SUNFLOWER OIL, COOKING GAS WILL RISE

The geopolitical clash may interrupt imports and confound the price of sunflower oil. Not just the automobile sector but the Indian edible oil industry is also worried due to the war. Russia and Ukraine together import 90% of the India’s sunflower oil. If the Situation worsens, prices of sunflower oil could skyrocket.

India's reliance on crude cooking oil is huge. If supply is disturbed, it will create chaos on Indian households. Data shows that Ukraine supplied 74% of crude cooking oil to India last year. Economists are now fearing price rises because of the raise in global commodity markets.

PHARMACEUTICAL COMPANIES ARE ON EDGE

The ongoing crisis may origin damage to Indian pharmaceutical exports too. Russia interpretations for 2.4% while Ukraine accounts for 0.74% of the total pharmaceutical exports from the country.

After Germany and France, India is that the 3rd largest exporter of pharmaceuticals to Ukraine. Companies are worried about payments getting stuck and new orders taking a back seat with the war getting uncontrolled.

However, India’s neutrality over the Russia-Ukraine war at the United Nations Security Council (UNSC) and the General Assembly (UNGA) has demoralized many experts. India has always been neutral into this kind of situations. Peaceful settlement of disputes has always been India's consistent position.

Besides the economic part, people suffer a lot due to the war things. Let us pray for better world and humanity.  Let us hope to end this conflict soon and the world would be a better place to live.