Government Aims to Bolster Export Insurance Amid West Asia Crisis

The Indian government, led by Commerce and Industry Minister Piyush Goyal, is working to assist exporters affected by the West Asia crisis, focusing on insurance support. The crisis, linked to US-Israel actions against Iran, has disrupted exports and led to increased costs in transport and insurance.

Commerce and Industry Minister Piyush Goyal announced on Tuesday that the government is actively seeking to support exporters with insurance amid the ongoing West Asia crisis.

An inter-ministerial group closely monitors daily developments and engages with exporters to provide assistance. The Customs department has issued guidelines for managing export cargo affected by the closure of the Strait of Hormuz and disruptions in maritime routes due to the crisis.

Goyal emphasized that the government is exploring new insurance schemes and collaborating with the Export Credit Guarantee Corporation and other departments to mitigate the challenges faced by exporters. With West Asia being a significant export market for India, these actions aim to alleviate the impact on the export sector.

(With inputs from agencies.)