How Russia-Ukraine conflict has impacted global and Indian economy

External conditions deteriorated due to the war on many fronts

The Economic Survey of 2021-22 projected India’s GDP growth at 8-8.5 per cent for this financial year. This forecast was later revised to 7 per cent in the first Advance Estimates with no signs of the Russia-Ukraine war, which had broke out 24 days after the Survey was presented in Parliament, ending.

The Survey was not the only exception. All forecasters — from the Reserve Bank of India (RBI) to the International Monetary Fund and the World Bank — went wrong. None of them had expected Russia to invade Ukraine, despite the tell-tale signs.

India wasn’t directly impacted by the war: Its