Economic Loss to India due the Biggest War of Ukraine and Russia

Come know what will be the economic loss to India due to biggest war of Ukraine and Russia. State Bank of India has published the repor,  according to this, India will lose Rs 8000 crore every month due to this war and if this war goes on for 1 year then India will lose Rs 1 lakh crore in one year.

Why this Economic Loss

India is dependent on SWIFT system

If any India imports or exports, then SWIFT code is required for payment. It means Society for Worldwide Interbank Financial Telecommunication. Because it is owned by Europe and America and Russia has been separated from this Swift due to restriction by EU. For this reason, the State Bank has closed all the bank transactions of Ukraine and Russia upto peace between both countries and Indian govt. and Indian companies trade will affected with this. 

1. Indian Import Sunflower oil from Ukraine

It's worth $1.3 billion

2. Crude oil is imported from Russia, from which diesel and petrol are made.

With this financial holding in sbi, India will now get crude oil at expensive prices, which will make India's petrol even more expensive. West Texas Intermediate (WTI) has increased the rate of crude oil.

It's gone from $90 per  barrel to $103 per barrel

This crude oil is imported from Russia worth 2 billion dollars.

In addition

Coal and Fertilizer are also imported from Russia

3.   2.8% of India's total imports from Russia

4. India exports $ 2.5 billion to Russia

India exports to Russia

1. Exports pharmaceuticals ie English medicines

2. Nuclear Reactor Part Exports

3. Exports Iron and Steel

5. India imports $6.8 billion from Russia.

Due to which India's trade balance becomes $ 4.3 million

6. India to Ukraine Exports goods worth $7 billion

7. India imports $1.9 billion from Ukraine

8. India mainly exports to Ukraine

1. Exports pharmaceuticals ie English medicines

2. Nuclear Reactor Part Exports

3. Exports Iron and Steel

4. Chemical Exports

5. Rubber Exports

6. Electrical Machinery Exports

Now how will India's economic loss come from this war?

1. India will not get crude oil from Russia, which will be imported from somewhere else, then its price will increase, that is, India's expenses will increase.

2. Inflation will also increase due to increase in payroll in India

3. India's income will also be less due to non-export of India to both the countries.

Now how can India come out of the financial crisis caused by this war, the way is very easy.

1. Stop driving vehicles running on petrol and diesel from today. If India is to be saved from economic loss due to war between Ukraine and Russia

2. Stop eating sunflower oil.

3. Stop making English medicines, because whether it is import or export dependence is there, so to become self dependent, there should be treatment without medicine in India.

4. Stop to use English fertilizers. 

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