India will suffer direct loss due to Ukraine war, GDP will decrease so much!

Due to the Russia-Ukraine war, India's GDP growth rate may decline by 1.3 percent. Apart from this, the country's income growth may decrease by 2.3 percentage points. A top World Bank official said this on Wednesday. However, the World Bank also said that India is recovering rapidly from the Covid-19 crisis.

Hans Timmer, Chief Economist of the World Bank's South Asia Region, said that in the long run, India will need to work hard to reduce dependence on fuel. In response to a question, Timer said, 'We estimate that due to the war between the two countries, India's income growth will decrease by 2.3 percentage points and GDP growth will be 1.3 percent lower.'

The World Bank had recently said in the Focused Report on the Economy of South Asia that India's projected growth rate will be 8.3 percent in 2021-22, which will come down to eight percent in 2022-23 and to 7.1 percent in 2023-24. Russia launched a military operation against Ukraine on 24 February.