Govt open to ‘remedial measures’ to mitigate impact: Commerce Secy

AS A consequence of the recent retaliatory attack by Iran on Israel, India is closely monitoring any potential impact on its trade, especially on oil and other commodities. Commerce Secretary Sunil Barthwal on Monday said that India is open to “remedial measures” to mitigate any impact on trade in case of a prolonged conflict between the West Asian countries.

“Based on that we do internal analysis and if it is prolonged (the Israel-iran conflict) then we will see what steps may need to be taken. If any remedial measures are needed, the government is open, but it will depend on how the situation plays out,” Barthwal said.

The secretary said that India is still “observing the situation” and would intervene with policy interventions after understanding traders’ issues.

“We are in touch with export promotion councils, container companies, shipping firms and other line ministries. Based on that we do internal analysis and if it is prolonged (the Iran-israel conflict) then we will see what steps may need to be taken. If any remedial measures are needed, the government is open, but it will depend on how the situation plays out,” he said.

On April 14, Iran launched hundreds of drones and missiles towards Israel. The attack was in response to the suspected Israeli strike on April 1 on an Iranian consular building in Syria’s Damascus that killed 12 people.

India has had a strategic relationship with Iran, as Tehran has been one of the major suppliers of crude oil. The West Asia region contributes to 80 per cent of India’s oil supplies.

While India has been able to minimise the impact of oil prices due to the ongoing Russia-ukraine war by buying Russian oil at discounted rates, this conflict could hit energy prices domestically.

We are in touch with export promotion councils, container companies, shipping firms and other line ministries. Based on that we do internal analysis and ... we will see what steps may need to be taken”

COMMERCE SECRETARY