Geopolitical and Economic Implications of the Russia-Ukraine War on the Indian Economy and BRICS Markets

Abstract

The Russia–Ukraine war has generated profound global economic and geopolitical consequences. While the conflict’s immediate theatre is European, its repercussions extend far beyond the region, reshaping trade flows, energy markets, and strategic alignments. Among the BRICS nations—Brazil, Russia, India, China, and South Africa—the war has tested cohesion, exposed financial interdependencies, and accelerated debates about multipolar governance. India has been particularly affected: its reliance on imported energy and Russian defence equipment has created both vulnerabilities and opportunities for strategic recalibration. Drawing on recent empirical studies, policy reports, and institutional data, this paper analyses the conflict’s effects on India’s trade, inflation, fiscal stability, and defence policy. It argues that India’s pragmatic neutrality has mitigated short-term shocks but underscored structural weaknesses in its energy and security architecture. The paper concludes by recommending greater investment in renewable energy, domestic defence innovation, and regional cooperation within BRICS as key pathways to sustainable resilience in an increasingly fragmented world.