Tough days ahead for aam aadmi as Ukraine war could send prices soaring in India
India Today
The Russia-Ukraine war is likely to hit the Indian economy, resulting in rising prices, experts said. Here's what will get more expensive.
Hundreds dead, buildings damaged, charred bodies on the streets. The large-scale destruction caused by Russian forces in Ukraine has left the world horrified. According to experts, the war will spell doom for the Indian economy, which will face turbulence in days to come.
Moving at a snail's pace, petrol and diesel prices have gone up by almost Rs.6/litre over the past 10 days. From cars to vegetables and high fuel prices -- the common people are set to bear the brunt of the war's impact on the economy.
When citizens of a country pay more for petrol and diesel, they tend to spend less on other items of need. Once the country curbs spending, demand for goods and services will go down. This will hit construction, manufacturing and import activities.
Read: How the Russia-Ukraine war may affect India’s platter
Carmakers have announced a price hike from April 1 owing to high raw material and logistics costs coupled with the current geopolitical situation.
An increase in the prices of commodities such as steel and aluminium, along with an increase in the costs of other raw materials, is also abetting the price rise.
From home-grown automaker Tata Motors to luxury car makers, cars in all segments are set to cost more.
