A large number of small businesses will be severely impacted if the war in Europe continues for another week, a lobby of Indian small enterprises said on Wednesday. In an interview, Federation of Indian Micro and Small & Medium Enterprises (FISME) president Animesh Saxena said that freight rates have gone up 10-15% in the past week of Russia’s Ukraine invasion, and the raw material costs are expected to shoot up as well.

According to commerce ministry data, India’s bilateral trade with Russia stood at $8.1 billion in FY21, with Indian exports of $2.6 billion and imports of $5.5 billion.