Investments must stand before they can run

Key flank of India's growth gambit runs into the knock-on effects of the Russia-Ukraine war

India’s economic recovery next fiscal was pinning its hopes on a jump-start in investments. But the Russia-Ukraine conflict has messed with this plan.

The third Covid-19 wave had barely subsided, when the war erupted. That has spooked crude and commodity prices globally and brought in tow a host of new uncertainties for all. 

India is now looking at possibly lower growth, higher inflation, reduced leverage with fiscal and monetary policy, and lower opportunities for trade. 

A protracted conflict will spell a prolonged impact, and there’s no predicting how disruptive. 

While we retain our gross domestic product (GDP) growth forecast at 7.8 per cent for