New Delhi, March 10: Commerce and Industry Minister Piyush Goyal on Tuesday said the government is exploring insurance-related support measures for exporters affected by the ongoing West Asia crisis.
He said an inter-ministerial group is monitoring developments on a daily basis and is in touch with exporters to assess the impact of the situation.
Goyal said the government is consulting the Export Credit Guarantee Corporation (ECGC) and other departments on possible new schemes, including insurance support, to assist exporters whose goods have already been shipped but are now facing difficulties.
The Customs department has also issued norms for handling export cargo returning to Indian ports due to the closure of the Strait of Hormuz and disruptions in maritime routes linked to the crisis.
Exporters are facing growing challenges following the joint attack by the US and Israel on Iran, which has led to a rise in ocean freight charges, air transport costs and insurance premiums because of disruptions in oil and gas movement.
West Asia remains a major export destination for India.
(Disclaimer: This report is based on a PTI copy. Only minor edits have been made for clarity and presentation.)