Israel-Iran conflict: Centre watchful of trade disruption

THERE HAS BEEN no disruption in shipping routes passing through Straits of Hormuz till now, but the government is closely watching freight rates and exploring alternatives in response to the evolving situation, a senior official said Friday.

- MUKESH JAGOTA

Commerce secretary Sunil Barthwal held a meeting on Friday with representatives from shipping and air cargo sectors and government departments dealing with the sector to discuss the impact of the Israel-Iran conflict on India's trade and address specific concerns.

Apart from the likely impact, the actions that can be taken by the government if the ongoing conflict disrupts global shipping were also discussed. A commerce ministry source said freight and insurance rates are being closely monitored and a ship reporting system is in place to monitor any incidents.