Baby Chakraborty :- Due to conflict between Russia and Ukraine, India’s economy has been affected. The Narendra Modi government at the Center is often criticized for its lack of employment and inflation. Although the war between the two countries is thousands of miles apart, it has a significant impact on global supply in energy related markets. Which directly hit India’s imports and inflation.
Despite many hurdles, surprisingly India continues to overcome economic hurdles. Crude oil prices have been kept under control not only by controlling inflation but also by activism.
Oil, gas, flour and fertilizer markets have been heavily influenced by Russia since the start of the war in Ukraine. Russia is one of the world’s largest oil producers.
However, Western countries imposed various restrictions on Russia after the start of the war. As a result, the supply of oil around the world is tight. Meanwhile, due to several restrictions imposed after the outbreak of war, European countries faced major setbacks in energy imports. As a result, demand for both energy and oil increased. India imports eighty percent of its crude oil. But despite this war, India has overcome that obstacle and moved forward.
Meanwhile, India has decided to import oil from Russia thinking about the people of the country and has also maintained diplomatic relations with Western countries. That is why the central government has been able to control oil prices in India even though the price of oil is high in the world.
The worst aspect of the Russia-Ukraine war is the abnormal rise in crude oil prices in India. India is mostly dependent on imported oil so it was only natural that it would have a severe impact on our country’s economy. But a diplomatic move by India made the whole thing much easier.
