Iran War Impact on India: The increasing tension in West Asia has made the global environment restless and its impact is now being felt directly in India. The recent statements of US President Donald Trump have created new concerns in international trade and energy markets. Experts believe that if the situation worsens, it will have a direct impact on the pockets of the common man.

Global anxiety increased due to Trump’s warning

US President Donald Trump is continuously giving tough statements, due to which the atmosphere of uncertainty has deepened at the international level. In his latest statement he has indicated that America may close the Strait of Hormuz. This is the same route through which a large part of the world’s oil passes. After this warning, the turmoil in the global markets has intensified.

Indian business organizations expressed deep concern

After this statement of Trump, India’s leading business organization Chamber of Trade and Industry (CTI) has also expressed concern. While talking to the team of ABP Live, Chairman of the organization Brijesh Goyal has clearly said that if the Strait of Hormuz is closed then it can become the biggest energy crisis since the 1970s. He says that about 20 percent of the world’s oil passes through this route, so if the supply is disrupted, a sharp rise in prices is certain.

India, China and Russia are most affected by the oil crisis.

According to Brijesh Goyal, the Strait of Hormuz is the world’s largest energy chokepoint. If it stops, there could be a huge shortage of crude oil in big importing countries like India, China and Russia. The increase in the prices of petrol and diesel will have a direct impact on the transport and manufacturing sectors, which will result in an increase in the prices of everyday items.

Inflation pressure already there, signs of situation worsening

CTI General Secretaries Ramesh Ahuja and Gurmeet Arora said that the retail inflation rate in India during March has been recorded at 3.4 percent. The prices of paan and tobacco have increased by 4.23 percent, while those of food and beverages have increased by 3.71 percent. An increase of 2.45 percent has been recorded in clothing and footwear, 1.97 percent in housing, water, electricity and gas and 2.88 percent in restaurant services.

If Hormuz is closed, inflation may exceed 4 percent

Brijesh Goyal believes that if the Strait of Hormuz is closed then the inflation rate in India may increase rapidly. While it was 3.4 percent in March, in case of such a crisis it can go beyond 4 percent. In such a situation, common people may have to be prepared for a new phase of inflation in the coming time.