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Russia, Ukraine conflict may hit Indian economy badly, says CAIT

The Confederation of All India Traders (CAIT) said the impact will jeopardise efforts to recover the domestic trade from the Covid-19 pandemic

A person walks around the wreckage of an unidentified aircraft that crashed into a house in a residential area, after Russia launched a massive military operation against Ukraine, in Kyiv (Photo: Reuters)

A person walks around the wreckage of an unidentified aircraft that crashed into a house in a residential area, after Russia launched a massive military operation against Ukraine, in Kyiv (Photo: Reuters)

Press Trust of India New Delhi
The conflict between Russia and Ukraine is expected to hit "badly" the Indian economy and the trade to a significant extent, domestic traders' body CAIT said on Friday.
The Confederation of All India Traders (CAIT) said the impact will jeopardise efforts to recover the domestic trade from the COVID-19 pandemic.
The expected rise in crude oil will be the crucial and critical factor, which will force the prices to go upward, whereas the expected rise in gold prices will also participate in a hike in the prices of the commodities, it added.
"The war between Russia and Ukraine is expected to hit badly the Indian economy and the trade to a significant extent," it said in a statement.
It added that a hike in crude oil will lead to further inflation in petrol and diesel prices, which will lead to overall inflation as the manufacturing and transportation cost of the goods will become more costly.
On Thursday, Russia launched a major military offensive in Ukraine, targeting various cities and military installations that had left the world stunned.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Feb 26 2022 | 1:44 AM IST

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