Exporters get govt shield as West Asia conflict risks spike

The RELIEF package will have an outlay of ¥497 crore under the Export Promotion Mission

- Harsh Kumar & Rituraj Baruah

The package aims to back Indian exporters affected by the extraordinary freight escalation, heightened insurance premiums amid the West Asia war.

(REUTERS)

Amid the escalating war between US-Israel and Iran, and its spreading impact on maritime logistics across the Gulf region, India on Thursday announced a relief package—RELIEF (resilience & logistics intervention for export facilitation)—under its Export Promotion Mission.

The package will have a %497-crore outlay, the government said.

The Export Credit Guarantee Corporation of India (ECGC) will maintain a dashboard-based monitoring system to enable real-time tracking of claims and fund utilization, it said.

The intervention aims to support exporters hit by the extraordinary freight escalation, heightened insurance premiums and war-related export risks arising from the war across the West Asia maritime corridor. The conflict in West Asia has disrupted supply chains, resulting in rise in prices of key inputs for manufacturing.