Business Standard

Managing a crisis: Russia-Ukraine war outbreak a setback for Indian economy

But its impact has been kept under check

russia, ukraine conflict
Premium

By January 2023, Russia became the top supplier of crude oil to India, with a share of over a fourth of India’s total import needs

A K Bhattacharya
In the wake of Russia’s invasion of Ukraine, a year ago, there were fears that the Indian economy would experience heightened uncertainties in at least three specific areas. Dangers of higher inflation would pose new challenges for those in charge of managing India’s monetary policy. The possibility of higher commodity prices, particularly those of crude oil and fertilisers, would threaten the government’s fiscal consolidation plan. And the Indian economy’s external sector, it was feared, would come under pressure because of a rising import bill, even as exports might suffer on account of a likely global economic slowdown.

In January 2022,

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Feb 23 2023 | 10:41 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com