Centre mulls insurance support for exporters dealing with ongoing West Asia crisis: Piyush Goyal

The Indian government is exploring new insurance schemes to aid exporters impacted by the West Asia crisis. An inter-ministerial group is actively monitoring the situation and consulting with the Export Credit Guarantee Corporation. Shipping lines are advised against opportunistic pricing. Guidelines are being issued for returning export cargo.

India is supplying diesel to Bangladesh through the India-Bangladesh Friendship Pipeline. This regular energy trade aims to alleviate Bangladesh’s severe fuel shortage. The consignment is expected to ease pressure on power generation and transport. Bangladesh imports most of its fuel from West Asia. This delivery supports ongoing bilateral energy cooperation.

The realm of Indian micro, small, and medium enterprises is brimming with potential. Union Minister Jitin Prasada points out that the convergence of free trade agreements and a flourishing domestic market is creating new opportunities. With trade pacts now reaching 65% of the developed nations, an expansive global market is available for India’s high-quality products.

At a recent business summit, India’s Commerce Minister Piyush Goyal passionately invited companies to explore the vast opportunities presented by free trade agreements. He pointed out that around two-thirds of the world’s trade market is now within reach for Indian enterprises. The government’s commitment to innovation and streamlined intellectual property processes is palpable.

India’s recent free trade agreements are set to boost the domestic pharma and healthcare industries. Commerce Minister Piyush Goyal highlighted the vast business potential these pacts unlock. Agreements with Mauritius, Australia, UAE, and EFTA are already active. Negotiations with GCC and Eurasia are progressing well.