The ongoing war between Ukraine and Russia can have a bad effect on India too. This can cause huge damage to the country’s handloom and textile industry hub Panipat. This war between Russia and Ukraine significantly affected imports and exports to European countries. Industrialists believe that immediately after the start of the war, there has been a decline in the demand for handlooms in India and abroad.
The owners of industries in Panipat have said that they have orders from Russia and many other European countries worth around Rs 4400 to 4600 crores. If the fighting continues for the next few days, it will have a bad effect on their business.
Rising prices
The President of Chemical and Dyes Traders Association of Panipat (Sanjeev Manchanda) said that the impact of the war is already on imports, as the prices of raw materials imported from Germany have already increased by 10% to 35% It’s over.
Sanjeev Manchanda said the prolonged prolongation of the war could push prices further. Sanjeev Manchanda has demanded the government to give some relief in import duty and shipment charges. President of Panipat Industrial Association (Pritam Singh Sachdeva) said that we can see this psychological effect of the war.
The worst effect of the war will be on crude oil, which will affect transport and trade.
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