Industry chamber FICCI suggested “temporary export curtailment, or even “a calibrated export ban” on sulphur and non-essential helium uses until supply conditions stabilise.
There were also suggestions for temporary relaxation or fast-track approvals related to import restrictions, quality certification or standards requirements for critical raw materials especially for micro, small and medium enterprises to enable them to source supplies from alternate countries.
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The government is in regular touch with industry and all other stakeholders to ensure timely response, an official said. Industry has been asked to provide real time feedback over any concern related to supplies or inputs that could impact production.
The urgency has been made acute because India faces headwinds from elevated inflation, currency volatility, rising import bills, and a widening current account deficit.
FICCI has suggested the government deploy Indian-flagged vessels from Mundra, Pipavav, and Nhava Sheva as it would provide a reliable shipping alternative for essential goods when international lines suspend services or impose restrictive surcharges.Also read | A shield for India Inc: How govt is blunting the Iran war shock
“To bypass congested and high-risk primary ports, the government should immediately designate and operationalise alternative regional transit hubs, as requested by the dairy and perishable goods industries,” the industry chamber said in a representation to the ministries of finance, and commerce and industry. These could be the Khorfakkan Port in the UAE, Port of Sohar in Oman, and Jeddah Islamic Port in Saudi Arabia.
It has also recommended establishing a green channel at these ports allowing cargo to be forwarded by road or sea without additional customs clearance at the port of discharge.