International Journal of Political Science and Governance
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P-ISSN: 2664-6021, E-ISSN: 2664-603X, Impact Factor: RJIF 5.32
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2023, Vol. 5, Issue 2, Part A

Russia Ukraine conflict: Impact on India and lessons for India

Author(s): Dr. Prashant D Satpute

Recently, the war between two neighboring countries, Russia and Ukraine, has greatly affected the world economy. Various geopolitical risks arising from Russia's intervention in Ukraine will affect the global economy throughout 2022. The entire world economy may experience slow growth and rapid inflation. It will take years, even decades, for everything to return to normal. The Indian economy is still recovering from the pandemic, so the crisis caused by Ukraine and Russia has raised oil prices, raising concerns that India's economic recovery will be affected. Since the war broke out between Russia and Ukraine. Diesel and gasoline and vegetable oils have become very expensive. India's growth will be subject to new challenges emerging around the world many observers worry that the impact on the Indian economy could be serious; others agreed that the Indian economy would not be affected by the distant war. As history has shown, the economy recovered after the conflict. We have not learned how to predict the outcome or subsequent date of the conflict. Russia's invasion of Ukraine shuddered the world economy. Russia and Ukraine account for less than 2% of the world economy, but they make up the majority of many products: the region produces 37% of the world's palladium, 17% of natural gas, 13% of grain, 12% of oil. And 9% nickel. The Russian sanctions numbered and the intersection of the supply chain will affect international trade and finance. The impact on commodities, especially energy, is a major concern for the Indian economy. Rising oil prices inevitably lead to a depreciation of the rupee, higher inflation and slower GDP growth. A 10% increase in oil prices should reduce GDP growth by 20 basis points, increase inflation by 40 basis points and increase the current account deficit.

DOI: 10.33545/26646021.2023.v5.i2a.247

Pages: 01-03 | Views: 327 | Downloads: 53

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How to cite this article:
Dr. Prashant D Satpute. Russia Ukraine conflict: Impact on India and lessons for India. Int J Political Sci Governance 2023;5(2):01-03. DOI: 10.33545/26646021.2023.v5.i2a.247
International Journal of Political Science and Governance

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