Indus Valley Times

New Delhi,July 27 : Indian exports such as pharmaceuticals, telecom equipment, tea, coffee and marine products have been affected due to the ongoing conflict in Ukraine, Union Minister of Commerce and Industry Piyush Goyal informed the Parliament on Wednesday.

In a written reply to a question in the Lok Sabha on whether the government has sought to gauge the impact of the Ukraine-Russia conflict on Indian trade, Goyal said that the export of some commodities had been affected.

“As per the feedback received from the industry, exports of some products from India are affected such as pharmaceuticals, telecom instruments, tea, coffee, marine products, etc,” the Union minister said in his reply.

He, however, did not quantify the extent of the trade disruption during the period.

“The bilateral trade with Russia has, however, improved in comparison to the corresponding period last year. The precise implication of the war scenario can be assessed only after the situation stabilises,” the minister said.

In spite of global economic adversities, high-frequency indicators in the first quarter of 2022-23 are reflecting sustained growth momentum in the economy as compared to the previous quarter, he added.

On whether the government intends to inject any fiscal stimulus into the economy in the wake of the Ukraine-Russia war, Goyal said: “The Government has provided for fiscal stimulus in the budget of FY 2022-23 with gross fiscal deficit to GDP ratio budgeted at 6.4 per cent.”

For the record, the Russia-Ukraine conflict began in late February this year.

-ANI