FIEO President claims that India's export sector is strong despite global instability

India's export industry remains robust in spite of global volatility. This has been asserted by Federation of India Export Organization (FIEO) President Dr. SC Ralhan. According to him, our trade with Iran and Israel is significant, but the contribution of these nations towards India's total imports and exports is small. The government, as well as the industry, are keeping a watch simultaneously, so that there can be minimal disruption.

FIEO said that there is a possibility of some short-term impact on demand and logistics due to the tension in West Asia. Especially in the Gulf region, which is an important center for Indian exports. He further said that due to the closure of the Strait of Hormuz, India will have to export from other sea areas. This will certainly increase shipping costs, take more time, and may put pressure on marine insurance premiums. However, Indian exporters have been able to reroute shipments, diversify markets, and face financial risks strongly. Strong government support mechanisms, along with MSMEs and large-scale exporters, will help mitigate these shocks.

In the last few years, India has increased its dependence on other sources for its energy supply. A large quantity of it no longer comes through the Strait of Hormuz. Oil marketing companies have supplies for several weeks, and they are getting energy supply from multiple routes. Petroleum Minister Hardeep Puri said that all necessary steps will be taken to ensure the stability of the fuel supply.