Repercussions of Russia-Ukraine Conflict: Indian Response to Attain Trade and Industrial Sustainability
Vijay Joshi
Dr. Ambedkar Institute of Management Studies and Research (DAIMSR), Deeksha Bhoomi Nagpur, Maharashtra, India.
Manish Pitke
Prin. L. N. Welingkar Institute of Management Development and Research (WeSchool), Matunga, Mumbai, Maharashtra, India.
Sukanta Kumar Baral *
Department of Commerce, Faculty of Commerce and Management, Indira Gandhi National Tribal University (A Central University), Amarkantak, Madhya Pradesh, India.
Anupkumar Dhore
Dr. Ambedkar Institute of Management Studies and Research (DAIMSR), Deeksha Bhoomi Nagpur, Maharashtra, India.
Amir Hafizullah Khan
Department of Management Technology, Shri Ramdeobaba College of Engineering and Management, Nagpur, Maharashtra, India.
Vivek Pimplapure
Dr. Ambedkar Institute of Management Studies and Research (DAIMSR), Deeksha Bhoomi Nagpur, Maharashtra, India.
*Author to whom correspondence should be addressed.
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."
Keywords: Atmanirbhar and self-reliant India, lessons for India from the Russia-Ukraine conflict, Enhancing local manufacturing base, participation in alliances, taking advantage of China-plus-one, green economy