Government will provide insurance assistance to help exporters amid crisis

Delhi: The Commerce Ministry of the Government of India is working on providing insurance support to help exporters amid the West Asia crisis. An official gave this information on Friday. The official said an inter-ministerial group is monitoring the situation on a daily basis and is in touch with exporters. “Insurance coverage and support to exporters are under consideration. We are assessing the options,” he said.

Import-export affected due to closure of Hormuz Strait
The Customs Department has issued guidelines to deal with the situation of return of export cargo vessels to Indian ports due to disruption of sea routes due to the West Asia crisis and closure of the Strait of Hormuz. Ocean freight, air transportation costs and insurance premiums have soared as conflict in West Asia disrupted the movement of oil and gas shipments. West Asia is a major export market for India and the country’s exports to the region are worth approximately $58.8 billion.

India’s business may also be adversely affected
The official said that this crisis may have an impact on India’s trade and there is a possibility of slowing down the pace of goods exports in this region. Another official said the government has formed a joint monitoring group to take feedback from the industry on a daily basis and work is being done to resolve problems related to ports, warehousing and port charges. He said that contacts are also being made with West Asian countries in this regard.

Indian tanker carrying 40,000 metric tons of LPG leaves Hormuz Strait safely
Meanwhile, on Friday, Indian tanker Shivalik has left for India safely from the Strait of Hormuz carrying LPG. Shivalik is loaded with 40,000 metric tons of LPG and this tanker will reach India in the next few days. Along with this, another LPG tanker will also leave for India, permission has also been given for this. In this way two ships will come to India. The conversation between the President of Iran and the Prime Minister of India has been positive and now its better result is in front of everyone.