India and the Ukrainian crisis

27 FEB,2022 | MEDC


 

Russia has invaded Ukraine in Europe's biggest military flare-up since World War II. That will have economic and geopolitical consequences all over the world, including India. The West wants India to adopt a tougher line on Russia, but that may not currently be in our best diplomatic interests. Thus, India may be looking at the possibility of US sanctions and a more belligerent China on our borders. Fears of supply disruption pushed oil to $105 a barrel, and that will have implications on domestic inflation and the cost of living. An extended period of high energy prices will impact India's economic growth, since India meets 83% of its crude requirements through imports. Probably the biggest lesson for the Indian economy in this unfolding scenario is to be as energy self-reliant as possible.

 *Photo Credit: Google

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