The ongoing Russia-Ukraine war in Europe has entered its tenth month now. One of the biggest economic fallouts of the war has been a spike in global energy prices. As a country that imports more than 80% of its energy requirements, India, too, has been affected by the crisis, with inflation staying above the 6% mark – it is the upper limit of RBI’s tolerance band – for the tenth consecutive month now. However, an HT analysis shows that things could have been worse for India had it not found an alternative and discounted source of crude petroleum from Russia after the war erupted. Here are four charts that explain this argument in detail.
India’s imports from Russia have reached an all-time high
According to Centre for Monitoring Indian Economy (CMIE) data, India’s imports from Russia stood at $21.4 billion between April and September 2022. Despite being the import value for just half of the fiscal, this is an all-time high by quite a distance for India’s annual imports from Russia.
