Indian Economy: Due to the ongoing war between Russia and Ukraine, a bad effect can be seen on the Indian economy. India's exports may decrease. At the same time, due to rising crude oil prices, the cost of companies will increase, due to which inflation may increase. Due to all this, the economic development of the country may decrease. Data and analytics company GlobalData has projected India's economic growth rate to decline by 0.1 percent to 7.8 percent between 2021-22.
London-based data analysis and the consulting firm have lowered growth forecast for the domestic economy, citing the impact on India's exports due to the rise in oil prices due to the ongoing Russia-Ukraine military crisis. Globaldata said in a statement that the rupee is expected to remain weak against the US currency while rising commodity prices will lead to inflation. However, the Indian banking sector will remain strong. "The ongoing military crisis between Russia and Ukraine will hurt India's exports and the rise in crude oil prices will lead to higher prices of raw materials and consumer goods," the statement said.
The company said that because of all these reasons, GlobalData has reduced the growth forecast of India's economy by 0.1 percent to 7.8 percent. Significantly, Ukraine and Russia together accounted for 2.2 percent of India's total imports in 2020. Globaldata has further projected that India's inflation rate will reach 5.5 percent in 2022, from 5.1 percent in 2021 due to geopolitical risks posed by the Russo-Ukraine war.
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