central Commerce Secretary Rajesh Aggarwal said on Saturday that if the ongoing war in the Middle East continues, it will also affect India’s exports to other countries. Addressing a press conference on the occasion of ‘Chintan Shivir-Pharma Export Growth’, Aggarwal said that there was definitely an impact on both imports and exports last month due to the West Asia crisis, as energy is a major part of the Indian import market. “West Asia is also an important market. About 12-13 per cent of our exports go to this region. Hence, it will be directly impacted,” the official said.
The real impact of the war will become clear in a few weeks
“If this situation continues for a long time, our exports to other parts of the world will also probably be affected as some value chains get back to normal,” the official said. We are aware of this.” Answering a question, he said that the real impact of this crisis will become clear in the coming few weeks. He said that the government is trying to minimize the impact on the supply chain, although there may be some reduction in both imports and exports.
The effect may last for a few months or even years
Union Commerce Secretary Rajesh Aggarwal also said that even if the war ends, its impact could last for a few months or even years, depending on which supply chain or infrastructure is affected. According to Aggarwal, to deal with these challenges the industry will have to become self-reliant. He said that the pharmaceutical sector has also been affected to some extent, especially on the supply of essential raw materials and chemicals. He said that the government is working to distribute the limited availability of LPG among different areas on priority basis and if needed, it is also being imported from other sources.