INDIA HAS REMAINED largely insulated from the two ongoing wars in Europe and the Middle-east. But recent disruptions in the Red Sea, sparked by attacks by the Yemen-based Houthis, have begun to impact India's shipments. This has set alarm bells ringing in the government.
The recurrent attacks that started on November 19, when the Houthis hijacked a commercial ship in the Red Sea, are becoming a cause for concern because of the looming threat of a rise in freight costs that could hurt Indian exports, and a potential spike in crude oil prices, apart from the safety of Indian ships and seafarers. External Affairs Minister S. Jaishankar took this issue up with Iran, which has backed the Houthis, during a visit to the country in mid-January, while the commerce ministry is working with exporters to iron out their problems. The Indian Navy has also been deployed to ensure the safety of Indian ships.
For now, though, India does not plan to join any multinational naval coalition, such as the one led by the US, to secure cargo travelling through the area.
This story is from the February 18, 2024 edition of Business Today India.
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This story is from the February 18, 2024 edition of Business Today India.
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