India mulls subsidies for exporters facing higher shipping costsShare This News Story:NEW DELHI : Given the recent spate of attacks on cargo ships in the Red Sea, India is mulling a variety of measures, including subsidisations for Indian exporters to offset higher shipping costs and insurance premiums, a government official told. New Delhi is also in touch with the US-led multi-nation coalition to ensure the safe passage of commercial vessels in the Red Sea. “Indian exports are getting impacted, and there are concerns that agricultural commodities may see a fall in exports, because it goes to Europe through the Red Sea route. India’s exports to Europe through the Suez Canal (in the Red Sea) includes food products, apparel, and electronics, among others, and its imports include crude oil. The government official cited above added that India’s commerce ministry has been in touch with exporters, who have raised concerns about rising shipping costs.

Source: The North Africa Journal January 06, 2024 03:04 UTC