The Russia-Ukraine war which outbreak in Feb 2022, which is also known as the “black-swan” event sent economic shockwaves across the global market including India. As a large emerging economy deeply integrated into global trade through energy imports, agricultural commodity markets, and evolving financial linkages, India stood at a complex crossroads of geopolitical pressure and economic opportunity. This paper presents theoretical analysis of this war’s impact on the India’s market. It basically focused on the five dimensions: the stock market, food and agricultural commodities, the financial and payments system, the foreign exchange market, and geopolitical and trade relationships. The study is based on descriptive nature and on secondary data which is collected from various journals, articles and government publications. The finding indicates that India’s stock market experienced short-term volatility, while the Indian rupee depreciated at its lowest but certain sectors and trade relationships benefited from the crisis. Agricultural inflation, fertilizer supply disruptions, and payment system challenges added further complexity. The paper concludes with the suggestions for strengthening India’s economy against any further geopolitical shocks.Keywords: Russia-Ukraine War, Indian Economy, Stock Market, Foreign Exchange Market, Food and Agricultural Commodities, Rupee, Financial and Payment System, Geopolitical Risk.
Prof. (Dr.) Dharmendra Kumar Rashmi Joshi (Wed,) studied this question.