Looking to help exporters at insurance front to deal West Asia crisis: Goyal

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New Delhi, March 10

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. He said an inter-ministerial group is keeping tabs on the developments on a daily basis and is interacting with exporters.

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 for developing some new schemes like insurance support… We are consulting ECGC (Export Credit Guarantee Corporation) and other departments on that,” Goyal told reporters here.He said 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. 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.

West Asia is a major export destination for India.

PTI