A large number of MSMEs in India may get adversely affected if the Russia-Ukraine war continues for another week, according to Federation of Indian Micro and Small & Medium Enterprises (FISME) President Animesh Saxena. Revealing that both sea and air freight charges have gone up by 10% to 15% during the past week because of Russia’s Ukraine invasion, he said that the raw material costs might also increase significantly in the coming days. In FY21, India’s bilateral trade with Russia stood at US$8.1 billion, with exports at US$2.6 billion and imports at US$5.5 billion. Meanwhile, 40% of the total Indian exports are from the MSMEs.
