The government has announced measures to help exporters tackle the impact of the West Asia crisis and some more decisions are on the anvil, Commerce and Industry Minister Piyush Goyal said on Thursday.
An US-Israel attack launched on Iran in February has disrupted movement of ships in the international waters. It has also pushed air freight and insurance cost for traders.
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To help exporters, the government has announced certain decisions through a relief package and "some more decisions are on the anvil, are under consideration at different levels and different ministries," he told reporters here.
As part of relief measures, the government is looking at providing some freight subsidies.
Last month, the government rolled out a Rs 497 crore RELIEF (Resilience & Logistics Intervention for Export Facilitation) scheme for exporters, who are facing disruptions due to the ongoing West Asia conflict.
Goyal informed that during his bilateral meetings with trade ministers of other countries on the sidelines of the WTO meeting in Cameroon, leaders expressed concerns over the impact of the war.
"It has hurt the global economy. It is hurting global trade, particularly the death and destruction of property and innocent lives is something that we are all concerned about. The difficulties in free movement of goods in the open seas is another area that we are all collectively hoping can be resolved quickly," he said.
He added that India has shown resilience on food and energy security and the country remains "pretty much" insulated and strong.
"Consumers are getting their LPG. Industrial LNG supplies have been reinstated now to 80 per cent level, with many sectors getting full LNG. There is no shortage of petroleum products. Our refineries are working full stream. There is a sufficient stock of crude oil and new shipments coming in of crude oil, LPG and LNG to ensure a pipeline for the future," he said.
The country's merchandise exports dropped marginally by 0.81 per cent year-on-year to USD 36.61 billion in February, and the trade deficit narrowed to USD 27.1 billion compared to the previous month.
As on March 21, the country's export growth remain flat. The full month data will be released on April 15.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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