Mitigating West Asia Conflict Impact: Amidst the increasing tension in West Asia, Indian industry has given a concrete response. Confederation of Indian Industry i.e. CII has welcomed the tough decisions of the Central Government. He has made a detailed strategy to reduce the impact of this global crisis. This important step has been taken with the aim of reducing the impact of the West Asia conflict.
Appreciation of government’s steps
CII Director General Chandrajit Banerjee said the government’s response has been extremely balanced and timely. He believed that this has helped in keeping the supply chain smooth and has provided great support to exporters. These concrete measures of the government have worked to protect Indian families from rising oil prices.
plan for industrial safety
CII has prepared a special 12-point action plan to address future challenges. Under this scheme, industry and government will together create strategic reserves of raw materials and fuel. This shared infrastructure will strengthen the country’s preparedness against any major global disruption.
inflation and price stability
Companies have been requested to pass on the benefits of stable fuel prices to common consumers. This will not only help in controlling inflation but will also significantly enhance the credibility of the industry. Maintaining price stability will allow economic growth to continue even in times of global uncertainty.
new sources of energy
The current crisis has underlined the need to reduce dependence on conventional fuels and adopt green energy. Companies can now further increase their investment in modern areas like renewable energy and green hydrogen. Apart from this, switching from LPG to natural gas will be very helpful in cost management.
Support of MSMEs and employees
Large companies have been instructed to ensure timely payments to their MSME partners. Protecting the livelihood of employees during economic shocks should be the industry’s number one priority. Employment opportunities can be completely protected by increasing internal efficiency and managing costs.
Export and Logistics Management
Exporters will be required to further strengthen their risk management practices in uncertain circumstances. The government has increased RoDTEP rates and ECGC coverage since February 28, when the crisis began. These measures have gone a long way in eliminating freight and insurance related disruptions.
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strong foundation for the future
Companies should invest in data systems that effectively increase supply chain visibility. Bringing flexibility into contracts and procurement practices will reduce the impact of external shocks to a great extent. Data transparency and use of technology will make Indian industry more powerful in the future.
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