Exporters are facing issues due to a joint attack launched by the US and Israel on Iran. It has led to a spike in ocean freight, air transport, and insurance premiums because of disruptions in the movement of oil and gas consignments.
New Delhi: The commerce ministry is working to provide insurance support to exporters to help them deal with the ongoing West Asia crisis, an official said on Friday.
An inter-ministerial group is keeping tabs on developments on a daily basis and interacting with exporters.
“There is some thinking going on…insurance coverage and support for exporters. We will try to do that. We are evaluating options,” the official said, when asked if the ministry is looking at announcing some kind of package for the exporting community.
The Customs department has come out with norms for dealing with export cargo returning to Indian ports due to the closure of the Strait of Hormuz and disruptions in maritime routes amid the West Asia crisis.
Exporters are facing issues due to a joint attack launched by the US and Israel on Iran. It has led to a spike in ocean freight, air transport, and insurance premiums because of disruptions in the movement of oil and gas consignments.
West Asia is a major export destination (USD 58.8 billion) for India. The crisis will impact India’s trade with that region.
“There might be some slowdown and some reduction in merchandise exports in this area. That we expect. But we are working. We have set up a joint monitoring group here. Every day we are taking feedback from industry,” another official said, adding that the government is resolving problems related to ports, warehousing, and port charges.
“We are also working with the Middle East,” the official noted.