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Govt considering insurance support for exporters amid West Asia crisis: Piyush Goyal
Mar-10-2026

Commerce and Industry Minister Piyush Goyal has said that the government is considering insurance support to exporters affected by the ongoing crisis in West Asia. He noted that the ministry is consulting with the Export Credit Guarantee Corporation and other departments on the matter. Besides, he said an inter-ministerial group is monitoring the situation daily and interacting with exporters. Meanwhile, the Customs department has issued guidelines to handle export cargo returning to Indian ports due to the closure of the Strait of Hormuz and disruptions in maritime routes caused by the crisis.

Exporters are facing issues due to a joint attack launched by the US and Israel on Iran. It has led to a spike in ocean freight, air transport, and insurance premiums because of disruptions in the movement of oil and gas consignments. West Asia is a major export destination for India.

Separately, Goyal said India should aspire to become a top exporter of agri and processed food sectors. At present, India is the seventh-largest exporter of the world. Agriculture and fish exports stood around Rs 5 lakh crore. He also said the nine free trade agreements (FTAs) finalised by India have opened huge export opportunities for Indian goods.

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