Effects of War

 

Effects of War

Economic Effects

Putting aside the real human cost, the war also has serious economic costs – damage to infrastructure, a decline in the working population, inflation, shortages, uncertainty, a rise in debt, and disruption to normal economic activity.

As Russia bears the brunt of the sanctions imposed by the Western nations, including cutting off many Russian banks from interbank payments system SWIFT, the ongoing conflict can hit the industries which depend on the supply of raw materials, especially industrial commodities, according to several news reports.

Moreover, the repercussions are also menacing the global economy, shaking financial markets and making life more perilous for everyone across.

Political Effects

India's position that the best way to resolve the dispute is through mutual negotiations has been appreciated by different quarters having stakes in the conflict. US President Biden has also reportedly reposed faith in India for influencing Russia to resolve the stalemate. At the same time, instead of taking sides, India did the right thing by abstaining from voting at the UNSC. India maintained that "all member states should honour principles of international law & UN Charter, as these provide a constructive way forward". By doing this, India strengthened its strategic autonomy and enhanced its status in global politics.