Even if there is a war between Russia and Ukraine, it will have a direct impact on your pocket.
Russia attacked Ukraine on Thursday in the midst of an ongoing dispute for several days. The Russian army entered the Ukrainian border. Along with this, Russia attacked with the help of missiles and other weapons. Due to this war, there have been many changes in the international developments in the last 24 hours. With this move of Russia, countries like America, Britain, Germany have imposed limited sanctions on Russia. It is feared that the crisis arising out of the Russia-Ukraine war will go on like this for several days. But the question in the mind of the people living in India is whether it will have any effect on India or not? Let’s tell.
India’s relationship with both countries
To understand the impact of the Russo-Ukraine war on India, one has to first know how India’s relations with these two countries are. India has trade relations with both Russia and Ukraine. Also, Indian citizens live in both these countries. Most of the students are in Ukraine. The same, along with students in Russia, there are also employed people. According to the Indian Embassy in Russia, about 14,000 Indians live in Russia. There are about 5 thousand students in them. At the same time, there are 500 businessmen. Ukraine has the highest number of medical students. About 18 to 20 thousand students study here.
Oil prices hit a jump
The ongoing war between these two countries will also affect the economy of India. It is feared that due to the rise in oil prices, challenging conditions are being created for the Indian economy. Finance Minister Nirmala Sitharaman has also agreed that there will be no difference in business directly. But, the effect of rising oil prices due to global tensions is challenging for India’s economy. The price of crude oil has reached $100 per barrel.
Rising prices will have an effect on the whole world
It is not that the increase in oil prices will happen only in India. Its effect will be seen all over the world. Actually, India imports 85 percent of its oil requirement. Most of this is imported from Saudi Arabia and America. Apart from this, India also takes oil from Iran, Iraq, Oman, Kuwait, Russia. America is the largest oil producing country in the world. About 16-18 percent oil is produced here. At the same time, Russia and Saudi Arabia produce 12-12 percent. If 2 out of 3 big countries come face to face in a war-like situation, then the supply of oil will be affected all over the world. This is the reason why oil prices are at an 8-year high.
Inflation will increase in India
Oil prices are directly affected by inflation. The price of petrol-diesel (Petrol-Diesel price today) will increase immediately. The prices of vegetables and essential items will also be directly affected. According to energy expert Narendra Taneja, petrol prices have not increased for one and a half months. But, in the meantime, crude oil has hit a jump of 15-17 percent at the international level. According to estimates, an increase of $ 1 per barrel in the price of crude oil increases the burden of about 8000-10,000 crores on the Indian economy. Now soon the oil prices in India will also be revised. In such a situation, the price of petrol-diesel is set to increase by Rs 6-10 per liter.
These things can affect India
Ukraine exports the most refined sunflower in the world. After Ukraine, Russia is the number one in refined supply. If the war between the two countries goes on for a long time, there may be a shortage of sunflower oil used in homes.
Ukraine’s market for India is also big for fertilizer. Fertilizer comes to India in large quantities from here. Also Ukraine sells some turbines of the Indian Navy.
Pearls, precious stones, metals are imported from Russia. Many metals are used to make smartphones and computers.
