Banking, shipping secretaries to meet stakeholders today on relief for exporters amid West Asia crisis

The Indian government has also indicated more support for exporters through existing scheme like the Export Promotion Mission

• Officials to meet industry on Iran conflict's impact on trade
• Relief measures for exporters may include lower insurance costs
• India's $11.8B food exports to West Asia threatened by disruptions

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Department of Financial Services Secretary M. Nagaraju and Shipping Secretary Vijay Kumar, will meet industry stakeholders later today to discuss the impact of the ongoing Iran conflict on India’s trade and shipping sectors.

The discussions are expected to explore possible relief measures for exporters, including lowering insurance costs, freeing up working capital, and expanding credit access to help exporters navigate disruptions, sources told Moneycontrol.

“We will listen to their suggestions and demands, assess the situation, and may consider providing relief for them,” a government source said.

The meeting comes a day after a high-level session hosted by the Federation of Indian Export Organisations (FIEO) with the Directorate General of Shipping, where exporters flagged concerns over retrospective war-related surcharges, vessel rerouting, shipment delays, cargo diversion, and rising detention and demurrage charges.

Indian exporters are already feeling the impact of the West Asia conflict, especially in key markets and logistics chains.

The Global Trade Research Initiative (GTRI), in a report, warned that India’s agricultural and food exports worth around $11.8 billion to West Asia, including cereals, fruits, spices, dairy and meat, are at risk due to disrupted shipping routes, rising insurance costs and logistical uncertainty in the region.

Industry groups have also reported containers stranded abroad, surcharges pushing up freight costs several‑fold, and delays affecting perishable consignments, prompting calls for government support on freight, insurance and working capital.

The government has also indicated broader support for exporters.

On March 6, Commerce and Industry Minister Piyush Goyal said the government will use all available tools, including the Export Promotion Mission, to support exporters affected by the West Asia conflict and is working on relief measures.

The conflict, which began with US and Israeli strikes on Iran on February 28, has now entered its second week, raising fears it could spread further across the region.

However, US President Donald Trump on March 9 said that the war was “ahead of schedule” and could end “very soon.”

This led to oil prices falling sharply to about $91.7 per barrel on March 10.