It would seem that what affects a nation in any part of the world negatively or positively can also affect another. Riding on the back of the Russia-Ukraine conflict is the matter of India's GDP.
Moving from a 6.6% contraction in the year 2020-2021 to an 8.7 then on to 8.9% growth in 2021-2022, it looked like they had cause to celebrate. But it looks like the celebration is short lived as concerns have been raised by policy makers, along with the Reserve Of India (RBI) as they regrettably announce it's first interest rate hike in at least four years.
India, one of the countries with a high GDP, import more than 80% of its crude oil and is also the largest importer of edible oil, but with prices skyrocketing and inflation rising, it has taken a toll on their economy. According to the RBI, consumer inflation has hit a 6.95% and as a result, has slashed it's yearly growth forecast to 7.2%.
Meanwhile, Prime minister, Narenda Modi gave an announcement earlier that plans to introduce tax breaks that will offset higher food and petrol costs are being made.
https://www.aljazeera.com/news/2021/12/28/india-economy Something you exaggerate around the problems of India!
Here is one forum participant, on the contrary, says that due to cheap oil from Russia, which they refuse to buy from a terrorist country, India has greatly improved the situation with oil products in its own country! And they will continue to buy CHEAP oil from Russia (and Russia is forced to sell oil to China and India at a dumping price, about $ 40 per barrel), to improve the country's energy market! India is now in a winning position , according to him ! What do you say about this?
