RUSSIA'S INVASION OF UKRAINE: IMPACT ON INDIAN ECONOMY - STRATEGIES TO MITIGATE AND SUSTAIN

Abstract

The Russia-Ukraine war has had a direct influence on India’s foreign policy and security. Delhi is in a precarious position since it has allies on both sides of the war. India cannot continue to see Central Europe through Russia’s eyes and must make a strategic decision. Russia’s GDP growth is expected to be 0.7 percent in 2022, down 1.9 percent from last month’s prediction, and 1.4 percent in 2023, according to Focus Economics panellists. Economists are projected to become even more conservative in the future. The goal is being undermined by an increase in spontaneous risk as well as developing political and economic disparities. Ukraine’s government is said to have spent $270 million on military bond sales. In the foreseeable future, the war will have a substantial economic impact. Because of the severity of the circumstances and the unpredictability of the war, assessing the recession may take some time. Russia maintains that Ukraine was created by the Bolsheviks following the Battle of Brest-Litovsk in 1917. Russia is frequently the world’s greatest wheat exporter, while Ukraine is the world’s second-largest grain exporter. The researcher analyses the impact of war on the global and Indian economies.KEYWORDS: Russian-Ukraine war, Inflation, Trade balance, Sanctions.