Danger on the job of Indian migrants, many things will be expensive! Learn Iran-Israel War on India

Iran-Israel War Effects on India: The energy markets around the world have been completely shaken due to the sudden aeritrax made by Israel on Iran’s nuclear sites. The situation in West Asia (Middle East) remains tense due to Israeli attack. Due to the conflict between these two countries, crude oil prices have risen rapidly. At the same time, Israel-Iran war can see a lot of impact on India.

Iran-Israel War will affect India’s supply of crude oil and economic development. This conflict is not auspicious sign for regional peace, stability, economic growth and development. If we talk about the impact in the near future, the struggle will not have any significant impact on the economy in the short term; However, if the war is stretched, difficulties can arise.

What will be the effect if the war happens for a long time?

If the war between Iran and Israel lasted for a long time, the recession in the global economy will have a negative impact on the Indian economy and it can also affect India’s exports. At the same time, the recession in exports will affect India’s already stressed manufacturing activity.

Crude oil price will rise

Due to any conflict between Israel and Iran, there can be a sharp jump in the prices of crude oil. India’s oil import bill is Rs 20.6 lakh crore in 2024-25. But with the long running of war, the price of crude oil will increase and India’s expenses will also increase.

Dollar price will increase against rupee

The increase in oil prices leads to a decline in the rupee as the high import bill increases the demand for US dollar and the increase in the dollar price will increase India’s import expenses. If the rising oil prices are controlled through excise duty cuts, it will affect government revenue.

How will Indian migrants affect

The Iran-Israel war will affect the safety of large Indian migrants living in the Gulf region. The Indian migrant population in the Gulf Cooperation Council (GCC) countries is more than 90 lakhs. India is also at the forefront in terms of the number of excessive people living in the Gulf. This will negatively affect Indian interests (migrant, business, investment) there.

Business will also affect

The Gulf Cooperation Council (GCC) is India’s largest regional-block business partner. Trade with GCC in FY 2022-23 was about 16% of India’s total trade. The total trade in 2023-24 was about Rs 14.4 lakh crore.

There will be a shortage of funds sent by Indians

In the year 2024, about Rs 10.7 lakh crore was sent to India by Indians living abroad. One third of the total funds sent by Indians comes from about 3.6 lakh crore rupees from the Middle East countries. The struggle in the Middle East will have a negative impact on this and at the same time the possibilities of Indian jobs will also be affected there.