He noted that an inter-ministerial group is monitoring developments daily and is in constant touch with exporters.
India’s Directorate General of Shipping (DG Shipping) has issued an advisory to shipping lines, carriers and agents, asking them to avoid predatory, non-transparent and opportunistic pricing amid the maritime disruptions triggered by the US-Israel-Iran conflict.
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The Central Board of Indirect Taxes and Customs (CBIC) has also issued guidelines for managing export cargo returning to Indian ports following the closure of the Strait of Hormuz and disruptions in maritime routes due to the West Asia crisis.
“Similarly, we are looking for developing some new schemes like insurance support…we are consulting ECGC (Export Credit Guarantee Corporation) and other departments on that,” said Goyal.
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Exporters are facing challenges after a joint strike by the United States and Israel on Iran, which has driven up ocean freight rates, air transport costs and insurance premiums due to disruptions in the movement of oil and gas shipments.
The minister said that the government is also examining ways to assist exporters whose goods have been shipped but are facing problems. “The government is monitoring the situation round the clock,” he added.
West Asia is a key export market for India and accounted for 15.1 per cent of the country’s total exports in 2025.