It has been a year since the start of the Russia-Ukraine war. But even though this war took a toll on global trade, our country has fared better because of the smart decisions taken by the Modi government. Let’s find out how.
First Published Feb 21, 2023, 4:30 PM IST
Today marks a year since the start of Russia’s worst financial crisis since the Corona virus. Despite Russian armed forces encircling Ukraine and saying that it would end the war within days, Ukraine is still resisting strongly and keeping Russian troops at bay. A year has passed since the start of the war, but tensions continue. .
The crisis started because of this war between Ukraine and Russia. In particular, Russia’s weapon of choice is an ax to grind for world trade. Because the supply chain is mainly damaged due to the war between the two countries. Also, as the US NATO countries imposed many sanctions on Russia, world trade was hit. Because Russia Ukraine’s share in world trade is huge. Especially. Russia imports oil, gas, sunflower oil and many precious minerals from Ukraine. In this background many countries stopped trade with Russia due to the war. As a result, the prices of many products have increased significantly internationally.
How the Russian Ukraine war came together for India..
As the Russian-Ukrainian war began, the United States threw its sword of sanctions at Russia. Due to this, all the countries of the world took a step back to continue trade with Russia. But Russia came forward by offering cheap oil to get out of these developments. But the Modi government has acted shrewdly to turn this into an opportunity. India bought large quantities of cheap crude oil sold by Russia. Thus, keeping in mind the domestic demand, the Government of India has taken this step forward.
Also sunflower oil is produced in Ukraine on a large scale in the world. India took advantage of this opportunity as the supply chain was damaged. India supplied enough sunflower oil to meet the global demand and utilized the opportunity. Thus additional income has been brought to India. Also, as a result of Russia’s war in Ukraine, India adopted a neutral stance, and as a result, India shrewdly maintained its trade ties with Russia and America.
Last Updated Feb 21, 2023, 4:31 PM IST