: RussiaUkraine war impacted supply chain, says MoS MSME #FinanceIndia #StockMarketNEWS Russia-Ukraine war impacted supply chain, says MoS MSME New Delhi, July 25 (KNN) The ongoing Russia-Ukraine war

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RussiaUkraine war impacted supply chain, says MoS MSME #FinanceIndia #StockMarketNEWS
Russia-Ukraine war impacted supply chain, says MoS MSME New Delhi, July 25 (KNN) The ongoing Russia-Ukraine war since February 2022 has caused major disruptions in the supply chain, Bhanu Pratap Singh Verma, Minister of State (Mos) for MSME told the Rajya Sabha.

Indian exporters had faced different problems such as delays in shipments, late payments, damage to consignments, and more.

It has affected energy, food, and materials used in the production of key technologies, he said.

The Minister was replying to a question on whether assessment has been made about the impact of the Ukraine conflict on exports of MSMEs to these countries.

MSMEs lead India’s exports to Ukraine and Russia which include pharmaceuticals, machinery, and apparels etc, he added.

In the previous financial year, MSME exports to Russia, Ukraine, and Belarus was worth USD 2.18 billion.

It accounted for only a 1.15 per cent share of the total exports worth USD 190 billion of the MSME sector to the world, as per the provisional data shared by MoS MSME.

In FY21 which was also the first covid year, the share dropped to 1.30 per cent from 1.38 per cent in FY20.

The exports amounted to USD 1.87 billion out of USD 143.9 billion in total Indian MSME exports globally.

Russia had the majority share of MSME exports from India as compared to Ukraine.

In FY22, MSME exports to Russia stood at USD 1.87 billion, up from USD 1.58 billion in FY21 while exports to Ukraine dipped to USD 283 million in FY22 from USD 294 million in FY21. (KNN Bureau)