The war front of Russia and Ukraine undoubtedly brought a cry to the whole world and affected the economy to a great extent.Even if it is the European War, the world is related to it because it has created a substantial economic imbalance globally, a concern for India.
The biggest concern in the world is that crude oil is increasing by 15% due to this war, and it will create a vast supply and distribution fear going forward. Russia and Ukraine are significant producers of crude oil next to the USA and Saudi Arabia and mass suppliers of edible oil, wheat, natural gas, and fertilizers.
Rising crude oil prices will not only create trouble for European countries. World transport will also be affected if seen, and the Indian transport network cannot escape it. Gradually the general public is also suffering in its grip.
India is the world’s third-largest oil consumer, consuming 5.5ml barrels every day, behind the US and China. Source states that petrol and diesel prices are already on the soaring track after the invasion of the Ukraine war. And the universal impact of retail inflation (retail and food inflation surge sky-high from 6.01% in Jan-22) due to the war the costs of other imported raw materials will hurt the commoner’s pockets.
After the pandemic, the new normal is back on track for manufacturing due to improvements in global transportation and supply chains. But this war is an attempt to remind everyone of the pandemic again. Everyone knows that the logistics sector suffered the most amid the pandemic, and now it seems that the packers industry may have to go through worse conditions than the pandemic. Because this is the only industry in which all this will have a considerable impact which their customers will also pay in the future by spending more consulting fees for even the most minor relocation service.
The domestic trucking industry has also shut down the flow of goods internationally. As we all know, Ukraine and Russia represent global players in metals, energy, and food supply around the world, and currently, half the world, including the USA, have frozen their Air fleet and supply chains.
And thereby, the busiest air cargo carriers face loss, which directly impacts the sea freight market, which is under pressure due to too much manual interference. High Yielding Sea Cargo is looking forward to changing its moving and pricing strategy to help meet the ever-increasing demand in the global market.
Because of this geopolitical tension, not just India, the escalation of entire Asian business velocity stuck and seemed caution sign inflows from the foreign investor on Asian logistics sectors and due to that the constant moving on the Indian basin has gone to encountered unexpected losses not even this year and may be carried to the 2023 year. And from now on this year and for the coming year, it can estimate that the problem of local and interstate transport, trucking, packers movers will be there. And this will break the backbone of the startup logistics companies, and it will be challenging to bounce back again.