Repercussions of Russia-Ukraine Conflict: Indian Response to Attain Trade and Industrial Sustainability

Abstract

The Russia-Ukraine conflict has created caused great “uncertainty” and has challenged many assumptions about the existence of the nation and bilateral relations. It has given rise to geopolitical tensions influencing international trade. Given the significant contribution of petroleum-based products in India’s import basket, this study examines the changing international trade pattern for India. It ultimately seeks to highlight key opportunities, challenges, and suggestions for India’s aim to become ‘Atmanirbhar’ or ‘self-reliant’. We reviewed trade and economic data (for imports and exports, inflation) in the context of India. Data from sources like the International Monetary Fund (IMF) and government sources such as the Reserve Bank of India (RBI), and the Ministry of Commerce, is reviewed. The analysis highlights an increasing trade deficit (i.e., imports higher than exports).  The lessons India can learn from this battle to go forward and truly become "Atmanirbhar" are the main topic of this essay. The purpose of this study is to explain the significant effects of the aforementioned dispute on and impacting numerous aspects like the economy, trade, bilateral relations, and manufacturing capacities, we adopt an evidence-based approach. The current research (study) just presents one point of view; more sector-specific research using an empirical methodology is advised to explore the manufacturing sector segments (in the context of India) that have strong potential to turn India into "Atmanirbhar."