By Admin 
The conflict between Iran and Israel has started again in the Middle East. There are attacks from both sides and common people are losing their lives. In such a situation, the concern has increased that if this fight continues further, what will be the effect on India?
If seen at the moment, this conflict has not had any major impact on India, but if the fight lasts or other countries also jump into it, then the situation can change. The government and the finance ministry are keeping an eye on the situation so that steps can be taken in time.
The biggest impact, oil prices may increase
If this battle between Iran and Israel has been deepened, then India may bear the most shock from oil prices. India asks for about 85 percent of its needs from outside. If the oil becomes expensive, then petrol-diesel, gas and other things will also become expensive for the common people.
Apart from this, if the ‘Straight of Hormuz’ is closed then oil prices can touch the sky. Iraq’s Foreign Minister has warned that if this crucial sea route is closed, oil prices can go from 200 to 300 dollars per barrel. This can create an energy crisis all over the world. India should prepare for its oil reserves to deal with this crisis.
Inflation will increase, GDP will be affected
If oil becomes expensive, inflation will also increase. This will increase the cost of subsidy of the government and will affect the pockets of the common people. Experts say that if the oil prices increase by $ 10 per barrel, then the country’s growth may decline by 0.3 percent.
Profits of companies will also be affected
Many big Indian companies which depend on petroleum or things related to it, such as IOC, BPCL, HPCL, can affect their earnings. At the same time, companies that extract oil themselves may increase their earnings, but it will also affect the policies of the government.
Effect on air fare, paint, chemical and trains
The fuel used in the plane is also made of oil. If the oil becomes expensive, air tickets can be expensive. Painted companies, chemical, fertilizer and car making companies will also have a direct impact. Many things can be expensive by this.
India’s trade may also be affected
India trade both Iran and Israel. If the conflict increases, it can be difficult to send and order goods with these countries. The paths of ships may have to change and insurance expenses may also increase.
Effect on medicine and fabric business
India sends many medicines to Middle East countries. If the situation worsens, orders can be stopped there. Earlier, when there was a fight in Hamas and Israel, the order of India’s textile stopped.
India’s companies also have businesses in Israel
Many big companies in India like TCS, Wipro, Adani Group, SBI, Sun Pharma and Infosys are offices in Israel. If the fight goes on long, then both their employees and business may be affected. Some companies have started planning in advance that if needed, shift their work to India.
Also read: Gold again between Iran-Israel Jung, Lakhtakia, 10 grams price reached 1 lakh