Summary of this article
Govt considering insurance support schemes to help exporters impacted by the West Asia crisis.
Inter-ministerial group monitoring developments and engaging with exporters daily.
Shipping disruptions and Strait of Hormuz concerns have driven up freight, air transport and insurance costs.
Piyush Goyal, the minister of commerce and industry, stated on Tuesday that the government wants to provide exporters with insurance assistance to help them cope with the ongoing crisis in West Asia.
He stated that an interministerial panel is communicating with exporters and monitoring the developments every day.
Due to the closing of the Strait of Hormuz and difficulties in marine routes during the West Asia crisis, the Customs department has released guidelines for handling export cargo returning to Indian ports.
"Similarly, we are looking to develop some new schemes like insurance support... We are consulting ECGC (Export Credit Guarantee Corporation) and other departments on that," Goyal told reporters here.
He said the government is looking at ways to help exporters whose goods have been shipped but are facing problems.
He said that the government is keeping an eye on the issue around-the-clock.
Exporters are facing issues due to a joint attack launched by the US and Israel on Iran. Disruptions in the flow of oil and gas consignments have resulted in an increase in insurance premiums, air travel and maritime freight.
One of India's main export markets is West Asia.
