competition success magazine Published this article page no 1 SOCIOECONOMIC IMPACT OF WAR Traditionally wars have caused damaging impacts on nations going to war through Economic – Loss of GDP High Inflation Rise in Debt damage to Buildings Infrastructure etc. SocioCultural – Loss of education health and cultural heritage and Psychological impacts on its people and nation. But in modern interconnected world the impact of the RussiaUkraine war is felt across the world. India is also not untouched with significant socioeconomic impacts felt or to be felt such as Oil Prices Sanctions on Russia have pushed oil prices to above US$100barrel. With India being the 3 rd largest oil importer after China and USA every 1dollar price rise increases Indias import bill by ₹10700 crore on annualized bases. o A corollary of oil price rise is the rise in Global Inflation which will hurt Indias growth with increased cost of living and disturbance to other macroeconomic variables. Gas Prices Gas prices have increased over 50% this year after a fivefold rise last year. This price rise increases Indias import bill and the current account deficit. Agriculture Russia and Ukraine are major global suppliers of some commodities (see image). Also Russia accounts for 15% of global nitrogenous fertilizer trade and 17% of global potash fertilizer trade. o On one hand it has opened new opportunities for India in wheat export and on the other hand it has caused hardships over fertilizer availability and sunflower oil as Ukraine accounts for 1.4 MT of Indias imports out of total 1.9 MT import every year competition success magazine subscription.
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