Indian exporters are worried due to rising tensions in West Asia
03-Oct-2024 06:23 PM
New Delhi. In West Asia, Israel is engaged in a fierce war with its neighbouring countries - Iran, Lebanon, Yemen, Philippines and Syria and it seems that America may also get involved in this war directly or indirectly.
This has created a situation of great tension and uncertainty there, due to which the worry and anxiety of Indian exporters has started increasing.
Exporters fear that if this war continues for a long time, not only will the shipment cost increase but exports will also be affected.
There is also a possibility of increase in the price of crude mineral oil. Iran is an important buyer of Indian Basmati rice, soybean and oats etc.
On the other hand, the matter has become even more complicated due to the strike of workers in the ports of the eastern part and the Gulf coast of America.
America is considered to be India's biggest trading partner and the most important export market. Disruption of exports there will prove to be a setback for India.
The Director General of Federation of Indian Export Organisations (FIO) says that although this strictness and uncertain situation will not have much immediate effect, but if this war continues for long on the lines of Russia-Ukraine, then it can have a deep impact on many countries of Asia, Europe and American continent.
Some experts say that if required, America can directly intervene in this war and launch air strikes on Iran, but it is also afraid of strong resistance from Russia and China, which are indirectly supporting Iran.
At present, America has indicated to impose more economic sanctions on Iran, but it is doubtful whether it will have much adverse effect on Iran.
America has earlier imposed economic sanctions on North Korea and Russia as well, but no meaningful result came out of it.
Maintaining peace and stability in the countries of West Asia and Gulf region will be in India's interest because India imports huge amount of petroleum from these countries,
while many agricultural products are exported from India there on a large scale. This includes spices as well. Exporters may face great difficulty in reaching other countries further through the Gulf region.