Exporters likely to get relief package | India News – The Times of India

NEW DELHI: The commerce department is working on measures to provide support to exporters to help them beat the impact of the West Asia conflict as it prioritises shipment of perishables, including by air.Besides, exporters have been asked to look at other markets to minimise the effect of the war in a region which is a top destination for Indian goods with goods worth $59 billion shipped. “There will some impact, which may be visible in this month’s data. But exporters have been told to look at other markets and fill the gap, wherever there is scope,” said a senior govt official.

Govt is also working with authorities in West Asia to see if goods can be routed through other ports.While trade bodies are petitioning for govt support, something they usually do, officials said insurance support is something that is being examined by the commerce department. “There is some thinking going on…insurance coverage and support for exporters. We will try to do that. We are evaluating options,” the official said. The conflict has resulted in a spike in ocean freight, air transport, and insurance premiums due to disruptions in movement of oil and gas consignments.An inter-ministerial group is keeping tabs on developments on a daily basis and interacting with exporters. Based on inputs measures have already been announced by the customs authorities, the shipping ministry and DG Shipping.