NEW DELHI: Amid growing concerns among exporters over heightened tension in West Asia, government on Monday said it was keeping a close tab on the situation and will step in if problems arise.
Commerce secretary Sunil Barthwal, however, suggested that there was unlikely to be a major impact based on the current reading. “We are used to regional conflicts. Had conflicts not been there, our merchandise (goods) exports would have done better.Our exports are well diversified and we are focusing on further diversification.” He said based on inputs from exporters, shipping lines and container service providers. “Based on discussions, we do our internal analysis and if it will prolong, then we will look into issues.”
Industry body Fieo, however, said the need of the hour is to address the West Asia geopolitical situation, Red Sea crisis challenges by ensuring availability of marine insurance and rationale increase in freight charges. “India’s trade problems due to shipping disruption could get worse,” think tank GTRI said on Monday.
Commerce secretary Sunil Barthwal, however, suggested that there was unlikely to be a major impact based on the current reading. “We are used to regional conflicts. Had conflicts not been there, our merchandise (goods) exports would have done better.Our exports are well diversified and we are focusing on further diversification.” He said based on inputs from exporters, shipping lines and container service providers. “Based on discussions, we do our internal analysis and if it will prolong, then we will look into issues.”
Industry body Fieo, however, said the need of the hour is to address the West Asia geopolitical situation, Red Sea crisis challenges by ensuring availability of marine insurance and rationale increase in freight charges. “India’s trade problems due to shipping disruption could get worse,” think tank GTRI said on Monday.
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The tension in West Asia, including Irans drone offensive, could significantly impact the global economy by pushing up oil prices, affecting shipping costs, and disrupting the supply chain, leading to inflation concerns and higher subsidy bills.