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 cope with the ongoing crisis in West Asia.
He said an inter-ministerial group is monitoring the situation on a daily basis and is in contact with exporters.
The Customs department has come up 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 such as 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 looking for 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 issues 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 due to disruptions in the movement of oil and gas consignments.
West Asia is a major export destination for India.