Raghuram Rajan said - Russia-Ukraine war will have a bad effect, inflation will haunt for a long time

Raghuram Rajan said – Russia-Ukraine war will have a bad effect, inflation will haunt for a long time

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new Delhi. Former RBI governor Raghuram Rajan says that the war between Russia-Ukraine will increase inflation in the world including India and slow down the pace of the economy. It will be difficult for countries to sustain their growth.

In an exclusive interview to CNBC-TV18, Raghuram Rajan said that the prices of many commodities including crude oil, wheat have risen. Inflation was already high in many countries of the world. If you add fighting to this, inflation will increase further and growth will decrease. Together, both will affect inflation.

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Inflation will be there for a long time

Raghuram Rajan says that such a situation is visible in America and Europe. The pressure on inflation will increase due to the fight. There is every possibility that the fight against inflation will be prolonged. This is not good news.

Regarding the effect of sanctions imposed by America and other countries on Russia, Raghuram Rajan said that I believe that these sanctions will have serious consequences. Western countries have been united by Russia’s attack on Ukraine. Japan is also with them. Western countries want to enforce sanctions strictly. These restrictions will definitely have an effect. Russia is a major exporter of many commodities including energy. Their supply will be interrupted by sanctions on Russia. This will have a negative impact on the global economy.

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What is the choice before the world?

The former governor of the Reserve Bank says that this loss can be reduced by using other sources of supply. Negotiations are going on with Venezuela and Iran for crude oil. If the supply of crude starts from Iran, then it will be good news. Second, there will be a revival of interest in Shell Energy. So in the next few months due to higher prices, other sources of supply will start being used. Due to higher prices, demand will also decrease. Raghuram Rajan says that Russia has a big role in the supply of essential things. The world is very much dependent on carbon energy right now. It has to be reduced. The focus may again increase on renewable energy.

Tags: Dr. Raghuram Rajan, Russia ukraine war

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