The Indian economy has reached a crucial juncture where many observers worry that the impact of the Russia-Ukraine military conflict is likely to be severe, whereas others are sanguine that the economy is insulated from the aftermath of the war. If possible, India could witness three types of effects on its economy, i.e., direct, as in inactive trade from both Russia and Ukraine; indirect, through global commodity and energy market shifts; and macroeconomic, as policy implementations and deferred remittances.

As Tata Chemicals Ltd. (TCL) is amongst the world's largest Sodium Bicarbonate manufacturers with more than 200,000 MT per annum production across Asia and Europe, the company is expected to showcase commendable revenue growth in FY22-23 after witnessing a demand-supply imbalance in Soda Ash (primary material). As per ChemAnalyst, the prices of Sodium Bicarbonate are consistently rising in India on the back of the rising raw material prices and low availability of inventories in the domestic market. Rapidly increasing demand for Sodium Bicarbonate from the international markets amid the ongoing war situation is yet another factor augmenting the prices of the product across the country. TCL is the third-largest manufacturer of upstream Soda Ash with operating plants in India, the US, Kenya, and the UK, which also finds applications in various industries, including detergents, food additives, pharmaceuticals, and construction.

The strong demand for Sodium Bicarbonate from various end-user industries, including Food & Beverage, pharmaceutical, personal care, and others, is further driving its prices in the Indian market. MedikarbTM is India's first pharma-grade Sodium Bicarbonate, which conforms to the Indian Pharmacopoeia standards and is manufactured in an FDA-approved facility. It is used as an active pharmaceutical ingredient (API) and excipient in effervescent powders and tablets.

The imports of Sodium Bicarbonate have been disrupted in India from China after the country imposed the Zero-covid policy due to the rising COVID cases. With major manufacturing hubs like Shenzhen already under lockdown, the neighbouring parts of the supply chain shutting are high. However, sufficient manufacturing in India has led to increased offshore demand.