New Delhi, March 10 Commerce and Industry Minister Piyush Goyal said on Tuesday that the government is looking to provide assistance to exporters in the form of insurance to help them deal with the ongoing crisis in West Asia.
He said an inter-ministerial group is monitoring developments on a daily basis and is in contact with exporters.
The Customs department has come out with guidelines 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 to develop new schemes like insurance support... We are consulting with ECGC (Export Credit Guarantee Corporation) and other departments on this," Goyal told reporters here.
He said the government is exploring ways to help exporters whose goods have been shipped but are facing problems.
The government is monitoring the situation 24 hours a day, he added.
Exporters are facing difficulties due to a joint attack launched by the US and Israel on Iran. This has led to a surge 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.
Meanwhile, speaking at the Aahar show, he said that India should aspire to become a top exporter in the agricultural and processed food sectors.
Currently, India is the seventh-largest exporter in the world.
Agricultural and fish exports were around Rs 5 lakh crore.
Goyal also said that the nine free trade agreements (FTAs) finalized by India have opened up huge export opportunities for Indian goods.
"We are now finalizing an agreement with Canada. We have just launched discussions with the six nations in the GCC group of countries in the Middle East. All of this provides huge opportunities for those in the processed food and agricultural sector," the minister said.