New Delhi, April 2 The government has announced measures to help exporters mitigate the impact of the West Asia crisis, and more decisions are being considered, Commerce and Industry Minister Piyush Goyal said on Thursday.
The US-Israel attack launched on Iran in February has disrupted shipping in international waters. It has also increased air freight and insurance costs for traders.
To assist exporters, the government has announced certain measures through a relief package, and "more decisions are being considered at different levels and ministries," he told reporters here.
As part of the relief measures, the government is looking at providing some freight subsidies.
Last month, the government launched 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 loss of property and innocent lives, which is something that we are all concerned about. The difficulties in the free movement of goods in the open seas is another area that we are all hoping can be resolved quickly," he said.
He added that India has shown resilience in food and energy security, and the country remains "relatively" strong and insulated.
"Consumers are getting their LPG. Industrial LNG supplies have now been reinstated to 80 per cent, with many sectors receiving full LNG. There is no shortage of petroleum products. Our refineries are operating at full capacity. There is a sufficient stock of crude oil, and new shipments of crude oil, LPG, and LNG are arriving 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 of March 21, the country's export growth remained flat. The full month data will be released on April 15.