India Assesses Iran-Israel Conflict Impact on Trade

The Indian Commerce Secretary met with shipping and air-cargo stakeholders to discuss trade impacts of the Iran-Israel conflict. Despite the current stability in the Strait of Hormuz, there is increased monitoring of freight rates. Key Israeli strikes targeted Iran's missile sites, as global tensions rise and diplomatic solutions are sought.

The Commerce Ministry has initiated discussions to address how the ongoing Iran-Israel conflict could impact India's trade. Commerce Secretary recently held talks with stakeholders from the shipping and air-cargo sectors. Currently, the Strait of Hormuz remains stable, a significant shipping route for India's trade operations.

India's monitoring system is in place to track any developments, with freight and insurance rates under close observation. The evolving situation's potential impact on Indian export-import (EXIM) trade was underscored by the Secretary, emphasizing alternative solutions in light of the current tensions.

The conflict has seen escalated actions; last Thursday, Israeli forces reported targeting missile sites in Iran as part of 'Operation Rising Lion.' Iran retaliated with 'Operation True Promise III,' heightening concerns. The UN's nuclear watchdog reported damage to several facilities. Diplomatic measures are being prioritized by world leaders including President Trump, who has set a two-week window for resolutions. Israeli Defense Forces highlighted significant strikes, further complicating the scenario.

(With inputs from agencies.)