Russia’s invasion of Ukraine may affect India’s Economic Recovery
India’s economists predicted that in the third quarter of the current fiscal year, India’s economy likely grew over 6%. However, it will grow as slower than the previous two quarters. But, now, India’s economic recovery takes slower moves than forecast. Because of the third wave of COVID and Russia’s attack on Ukraine. With Russia’s invasion, the commodities may experience high prices in the market.
According to the source, the gross domestic product (GDP) assumably increased 9.01% in the year to March 31. Both the official assessments in last month’s ministry of statistics and the previous survey indicated a 9.02% expansion.
Further, this move may affect investments and recruitment, testing fiscal, and economic policies. Moreover, manufacturing remains stood as Asia’s third-biggest economy. Now, it faces a small modification in manufacturing output and the impact of omicron in contact-intensive sectors.
A source said that In a nation where 60% of GDP is accounted for by private consumption, higher oil prices can break inflation and impact expendable incomes. In the last week, the government identified pandemic recovery intended to challenge by geopolitical risks.
According to the source, Russia’s attack on Ukraine will impact the Indian economy. All know that India has a notable importer of mineral fuels & oils, gems & jewellery, edible oils, and fertilizers.