Be ready to hit inflation / Russia-Ukraine war will increase the burden on your pocket, these things including petrol and diesel will be expensive

There was already turmoil in the markets around the world due to the ongoing war between Russia and Ukraine, but after the Russian attack on Thursday, there was an outcry. The stock market collapsed and crude oil prices skyrocketed. Russia-Ukraine may be thousands of miles away from India, but this war between the two countries will directly affect the pockets of Indians. That is, the countrymen will have to be prepared for the hit of inflation.

13 lakh crores of investors drowned

Russian troops started military action in Ukraine on Thursday after Russian President Vladimir Putin announced that. On the very first day of the attack, along with the global markets, the Indian stock market collapsed, the price of gold will cross 51 thousand and crude oil has crossed the eight-year mark by coming to $ 104 per barrel. At the same time, there was a huge fall of 102 paise in the rupee against the dollar. Investors feared this war so much that due to strong selling, Sensex saw the biggest fall of this year and the fourth biggest fall in history. This 30-share index of BSE lost 2702 points, along with the Nifty also fell strongly by 815 points. Due to this, investors lost Rs 13.5 lakh crore in a single day. At the same time, the war with Ukraine also had a bad effect on Russian billionaires. Russian billionaires had to bear a loss of three lakh crore rupees in a single day.

Rupee weakening will have an effect

Significantly, India is dependent on imports from other countries for gadgets including mobile-laptops along with essential electric goods and machinery. Most mobiles and gadgets are imported from China and other East Asian cities and most of the business is done in dollars. If the rupee continues to depreciate in the same way during the war, imports will become expensive in the country. Due to imports from abroad, their prices are sure to increase, which means inflation on mobiles and other gadgets will increase and you will have to spend more. Also, let us tell you that India buys 80 percent of its crude oil from abroad. It is also paid in dollars and due to the cost of dollars, the rupee will cost more. Due to this, freight will be expensive, due to its effect, inflation will be hit further on everything needed.

India's trade with Russia-Ukraine

India's trade with Ukraine and Russia is at a decent level. In such a situation, if the ongoing war between the two countries is prolonged, then its effects in India can be seen in the form of inflation on some important things. Let us tell you that India buys things from Ukraine like edible oil to fertilizers and nuclear reactors. If there is a war, there will be no trade between the two countries and trouble will increase for India. Experts say that in the event of war, India will suffer a loss of exports, while the things that India buys from Ukraine will have to be hit by inflation due to the imposition of sanctions. He said that due to increase in crude oil prices, the cost of imports will increase and the risk of increasing inflationary pressure at the domestic level will increase.

Edible oil and fertilizer prices will increase

If there is a war between two countries, then it has a big impact on the economies of the world and for India already troubled by inflation, then it will be nothing less than a double whammy. Let us tell you that the country imports a large amount of edible oil from Ukraine. Yes, Ukraine is the largest producer of sunflower oil. Talking about India, the price of edible oil is already in the sky for some time now and if the supply is stopped due to war, it is possible that its prices will catch fire. Apart from this, Russia feeds India and its imports may also be hindered in the midst of war situations. If there is already a urea crisis in the country, then the situation will get worse, this problem will have a direct impact on the farmers.

Automobile sector will be affected

Let us tell you that the country's automobile sector is facing a shortage of semiconductors. In such a situation, the ongoing war between Russia and Ukraine is sure to have an impact on this region. Indeed, Ukraine will be the one to influence the automobile sector. The reason for this is that Ukraine produces palladium and neon, a special semiconductor metal. In the event of corrosion, the production of these metals will be affected and this crisis of semiconductor shortage will increase even more.

Retail inflation will increase further

It is worth noting that retail inflation in the country has already remained at a high level. In such a situation, the rise in the prices of crude oil will prove to increase it further. Union Finance Minister Nirmala Sitharaman has also recently said that rising crude oil prices are going to be a big challenge. Actually, if crude oil becomes expensive, then it is going to fall on petrol-diesel and gas in the country. With the increase in the prices of petrol and diesel, the expenditure on freight will increase and inflation on everyday items including vegetables and fruits will increase, which will have a direct impact on your pocket.

The impact of the rise in crude oil

According to experts, if the war progresses, the price of crude oil can reach 120 to 150 dollars per barrel. Let us tell you here that if the price of crude oil increases by one dollar at the international level, then the price of petrol and diesel in the country increases by 50 to 60 paise. In such a situation, due to reduced production and supply interruption, its price is sure to rise and it is expected that due to the crude oil reaching $ 150 per barrel, the prices of petrol and diesel in India may increase by 10 to 15 rupees. Is.

Possible interruption in oil and gas suppl

Significantly, Russia is the largest supplier of natural gas, which produces about 10 percent of the global demand. Due to the war between the two countries, there will obviously be an adverse effect on the supply of natural gas and fuel prices will be on fire. Explain that Europe's dependence is more on Russia. More than 40 percent of the gas in Europe comes from Russia. This will have a direct impact on the common man. Apart from this, Russia is the third largest producer of crude oil in the world. The countries of Europe take more than 20 percent of their oil from Russia. In addition, Russia produces 10 percent of the world's copper and 10 percent of aluminum in global production.

These things will increase inflation

• petrol diesel
• CNG LPG
• vegetable fruit
• edible oil
• Fertilizer
• Mobile
• laptop
• gas

Big thing revealed in Nomura's report

Japanese financial company Nomura said in its report that the Russia-Ukraine conflict will increase inflationary pressures and India will suffer the most in Asia. It has been said in this report that due to increase in food and oil prices, Asian countries will be adversely affected. Nomura said that in Asia, the worst effect will be seen on the economy of India, Thailand and Philippines. According to Nomura, India imports a lot of crude oil. Thus, increasing the price will increase the trade deficit. Nomura estimates that a 10 per cent jump in crude oil could reduce the GDP growth rate by 0.20 points.