&imwidth=800&imheight=600&format=webp&quality=medium "India stands firm as West Asia conflict fails to dent trade momentum: Piyush Goyal")
Despite an escalating conflict in West Asia, causing logistical disruption, security challenges for shipping, and an energy price spike, India's trade has held steady, witnessing positive momentum in the recent past, the Indian government confirmed on Tuesday (March 17).
Addressing Parliament, Union Commerce and Industry Minister Piyush Goyal lauded the resilience, stating that growth in exports of goods and services held firm in February and witnessed positive growth in the second week of March, despite ongoing war-related disruption. He expressed confidence that New Delhi will maintain its exports by the end of the month.
“Amid the adverse situations in the world, anyone could think that ships cannot pass through the Strait of Hormuz, freight has hiked by 3 times, and there is no insurance. Despite that, in the month of February, trade of goods was constant and did not decline, while the growth in services is rapidly increasing. Even in March, while we weakened slightly in the first week, positive growth was attained in the second week. By the end of the month, we will maintain the Indian exports,” Goyal told the Lok Sabha.
These statements come as Iran has effectively blocked transit through the Strait of Hormuz, which accounts for the shipping of nearly 20 per cent of the global oil supply.
India has ramped up its diplomatic efforts in the region, especially with Tehran, to secure the supply of gas and oil through the strait. Iran has allowed only selected countries, including India, China, and Russia, as it asserted that the waterway is only closed for enemies and those supporting their aggression.
Earlier today, an Indian LPG carrier, Nanda Devi, arrived at Vadinar port in Gujarat's Jamnagar, carrying 46,500 metric tonnes of LPG for ship-to-ship transfer at the anchorage after successfully passing through the Strait of Hormuz.
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On Monday evening, the Indian carrier LPG Shivalik, carrying a total of 46,000 metric tonnes of liquefied petroleum gas, arrived at Mundra Port. Of this, 20,000 MT will be unloaded at Mundra, while the remaining 26,000 MT is scheduled for Mangalore.
There are now 22 Indian-flagged vessels remaining in the Persian Gulf, carrying a total of 611 seafarers.
The war, sparked by joint US-Israeli strikes on February 28, has entered its 18th day, with no sign of either side ready to back down. On the opening day of the military campaign, US-Israeli forces targeted the top leadership of the Islamic Republic, killing Supreme Leader Ali Khamenei in a decapitation strike on a high-security compound in Tehran.
In retaliation, Tehran resorted to launching missile and drone strikes on strategic locations, including US military bases in Gulf nations and key energy and financial centres in these countries, along with closing the Strait of Hormuz to put pressure on Washington.
