Last Updated on 09/03/2022 by Nidhi Khandelwal
The war has been stretched for more than 10 days and trading in stocks as well as the goods market has been caught in the crossfire.
India imports large quantity of Tea and sunflower oil, so the war threatens the importers and their businesses. India imports almost 90% of sunflower oil from Russia and Ukraine and now that the war is ongoing, the shipments from both the countries have been delayed.
India and Russia bilateral trade was 9.4 billion dollars so far in this year and 2.3 billion dollars with Ukraine. So ehn it comes to bilateral trade, India will face difficulty in supply of automobiles, pharmaceuticals, telecom equipments and agriculture products.
With increase in uncertainty and speculations due to the daily sanctions on Russia, shipment delay due to ports blocked, people are starting to panic and withdrawing from the market to secure themselves financially.
The Indian lenders are also afraid of their money being stuck amid the war situation. There is a lot of payment delay and loss as people are unable to pay back their debts due to the crash of economies around the world.
Well the on the bright side Demand for some goods or crops like rice, wheat will increase. The sanctions on Russia and the difficult port situation in Ukraine is making it hard to trade with them and hence making india the next best alternative for market.