Government Plans Insurance Support for Exporters Hit by West Asia Crisis: Piyush Goyal
The minister further said that the government is looking at ways to help exporters whose goods have been shipped but are facing problems.
New Delhi: Commerce and industry minister Piyush Goyal on Tuesday said the government is looking to extend help to exporters on the insurance front to help them deal with the ongoing West Asia crisis. “An inter-ministerial group is keeping tabs on the developments on a daily basis and is interacting with exporters,” the minister told reporters here.
The customs department has come out with norms for dealing with export cargo returning to Indian ports due to the closure of the Strait of Hormuz and disruptions in maritime routes amid the West Asia crisis. “Similarly, we are looking to develop some new schemes like insurance support. We are consulting the export credit guarantee corporation or ECGC and other departments on that,” Goyal said.
The minister further said that the government is looking at ways to help exporters whose goods have been shipped but are facing problems. “The government is monitoring the situation 24 hours,” he added.
West Asia is a major export destination for India. However, exporters are facing issues due to a joint attack launched by the US and Israel on Iran. It has led to a spike in ocean freight, air transport, and insurance premiums because of disruptions in the movement of oil and gas consignments.
