New Delhi : Iran-IsraelThe tension between is not just the threat of war; So it is giving a big blow to India’s economy. 56 percent of India’s exports to West Asia are currently shipped via long routes, increasing both cost and time. The Ministry has presented an impact assessment on six key areas. West Asia is the largest market for Indian basmati, seafood and fresh fruits.
Air and sea freight rates are currently increasing rapidly. Fresh fruits and vegetables are at risk of spoilage during transportation. Basmati’s payment methods are being disrupted, disrupting the credit cycle. Of even greater concern is the threat to supply of LNG feedstock for urea production. Nitrogen fertilizer crisis may arise before monsoon.
From iron to machinery, supplies are India’s largest export category. West Asia has strong demand for iron, steel and machinery, but supplies of LPG and PNG to foundries and machining units are under pressure. This has also disrupted the supply of aluminium. Entry of Indian engineering goods into major Gulf ports has been hampered.
Getting and selling gold is also difficult
GCC countries are both buyers and suppliers for India’s gems and jewelery industry. On the one hand, gold jewelery exports to GCC countries have stopped, making customized products unable to be sold elsewhere. On the other hand, exports of gold bullion and rough diamonds from the GCC have also been disrupted, limiting diversification options. Besides, the LPG crisis in manufacturing clusters is affecting metal smelting and gem processing.
India is one of the largest importers
India is one of the world’s largest importers of crude oil, natural gas and liquefied petroleum gas (LPG). The LPG transport route through the Strait of Hormuz is currently under heavy pressure, putting pressure on commercial and industrial LPG supplies. However, the ministry said supply is being maintained through preferential allocation for domestic and CNG. Pharmaceutical, textile, agriculture and packaging industries are all based on petrochemicals.
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