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News India Live, Digital Desk: India’s Russian Oil Import: After the Ukraine War, India has increased the purchase of cheap crude oil from Russia considerably, which has increased concern in western countries, especially America. Former US President Donald Trump has recently expressed his concern on the issue. Their question is that if for some reason the supply of Russian oil stops, what will be the effect on India’s economy? This is an important geopolitical and economic question. India imports about 85% of its oil needs, and Russian oil has become an important option after the Ukraine conflict. Availability of cheap oil has helped India ensure its energy security and curb inflation. However, despite the West sanctions and the ‘Price Cap’ policy of the G7 countries, India’s purchasing oil from Russia remains a controversial issue. If the supply of Russian oil stops, what will be the impact on India: Increasing energy cost: India will have to buy expensive oil from other countries, which will increase the prices of petrol, diesel and other products at the domestic level, which will increase the prices of domestic and other products, which will expect to transport from the high francity and other goods, which will be expected to be transported from the high francity and other products. Prices will increase, and the common citizen will have a direct burden on the pocket. Regional pressure: The government will either have to subsidize oil prices (which will put pressure on the treasury) or to bear rising prices (which will put pressure on consumers). Recession in economic development: Increased inflation and high interest rates can disrupt economic growth, which can reduce the impact and consumer expenses: Evantic balances can be reduced. Currency will have to be spent, which can affect India’s payment balance and weaken the rupee. Donald Trump’s concern focuses on the fact that being a big economy, India should diversify its energy supply and more dependence on the same source can give more dependent shocks in future. This shows that India’s growing dependence on Russian oil is not only economic but also a complex gearful issue that may have long-term strategic implications.
