Russia-Ukraine War : War means loss is loss. The war is being fought between Russia-Ukraine but the whole world is suffering. India is at the top of the countries that suffer the most. India has a lot of trade with Russia as well as Ukraine. India imports and exports from Ukraine from agriculture to pharma sector.
Rating agency India Ratings has released an assessment of the damage caused to India by the war in a report on Tuesday. According to the report, due to the ongoing crisis in Ukraine, the country’s import bill may increase to US $ 600 billion in the current financial year. The reason for this is India’s dependence on imports of crude oil, natural gas, gems and jewellery, edible oil and fertilisers, and the depreciation of the rupee.
inflation will increase
This is likely to increase inflation and the current account deficit. Rating agency India Ratings said this in a report on Tuesday. According to the report, geopolitical risks arising out of the Russo-Ukraine war will push up the prices of commodities such as mineral oil and gas, gems and jewellery, edible oil and fertilisers.
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Current account deficit may widen
Due to this, the import of goods in the financial year 2021-22 can cross the figure of 600 billion US dollars, which was 492.9 billion US dollars in the first 10 months of the current financial year. India Ratings Chief Economist Devendra Pant said in the report that due to this, inflation will increase, the current account deficit may increase and there may be a fall in the value of the rupee. He said that a $5 per barrel increase in the price of crude oil increases the trade or current account deficit by $6.6 billion.
Crude oil heavy losses
Due to the war, the price of crude oil has risen sharply to $ 100 per barrel. Due to this, India will suffer a loss of up to one lakh crore rupees.
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State Bank of India (SBI) has said this in one of its reports. According to the report, if the war drags on, the revenue of the government may decrease from Rs 95 thousand crore to one lakh crore in the next financial year. At the same time, domestic inflation will also increase. Because the prices of all goods and products can be affected.
Loss of revenue of Rs 8,000 crore every month
Japanese research company Nomura also claims, India will suffer the most in Asia in this crisis. According to the report of Soumyakanti Ghosh, Group Chief Economic Advisor, SBI, the price of crude oil in the international market is increasing since November 2021.
Ukraine big exporter of agricultural products
Prices of precious metals like gold, platinum and palladium will increase. Ukraine is a major exporter of agricultural products. If imports stop, the prices of cereals like wheat and corn may increase. Inflation stood at R 6.01 per cent in January, the highest in 7 months.
Tags: business news in hindi, Import-Export, Manufacturing and exports, Russia, Russia ukraine war
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