New Delhi, March 16 The Ministry of Commerce is expected to announce certain support measures to help exporters cope with the crisis in West Asia, Commerce Secretary Rajesh Agrawal said on Monday.
"Hopefully, within this week, we will provide you with a detailed briefing on the steps the Department of Commerce is taking to support exports during this difficult time, particularly in the Middle East," he told reporters here.
These measures may include provisions related to insurance.
The joint attack launched by the US and Israel last month on Iran has led to severe disruptions in the movement of ships and planes in West Asia. This has resulted in a surge in oil prices, which has affected sea and air freight, as well as insurance premiums for exporters.
India's exports to West Asia were worth USD 58.8 billion in 2024-25. The exporting community from sectors such as dried fruits, fruits, and vegetables has stated that their shipments have been affected due to the war.
An inter-ministerial group is monitoring developments on a daily basis and interacting with exporters.
Several ministries and departments, including shipping and Customs, have announced support measures for the trading community.
The Customs department has released 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.
"This is a collaborative effort that will continue as challenges arise," the secretary said.
According to sources, the ministry may extend support measures worth about Rs 500 crore to exporters who are shipping goods to the Gulf region.
These measures include insurance support for exporters who are covered under ECGC or non-ECGC (Export Credit Guarantee Corporation).
