|
The ongoing conflict in West Asia has severely disrupted India's premium basmati rice exports, causing significant losses to traders and threatening the livelihoods of farmers.
According to a Bhopal-based businessman, consignments of Premium 1121 Basmati rice are currently stuck at ports, with payments worth Rs 2,000 crore to Rs 25,000 crore pending. A businessman from Bhopal speaking to ANI said, "...The Premium 1121 Basmati rice, which we used to export, is currently being held at the ports. If this situation continues, Indian traders will face significant losses. Our payments, ranging from Rs 2,000 crores to Rs 25,000 crores, are pending and have not been received, causing difficulties for the traders. The government is currently taking its own measures, and if the situation persists, farmers will also face problems in the future...." On Wednesday, an all-party meeting, convened by the government on the West Asia crisis, was held. The meeting was chaired by Defence Minister Rajnath Singh, and several senior opposition leaders also attended the meeting. Union Home Minister Amit Shah, Parliamentary Affairs Minister Kiren Rijiju, Finance Minister Nirmala Sitharaman, External Affairs Minister S Jaishankar, Petroleum and Natural Gas Minister Hardeep Puri and Foreign Secretary Vikram Misri were among those who were present at the meeting. Meanwhile, the Indian workers, including traders, businessmen, contractors, and factory labourers, are looking at a downward trend amid the escalating tensions in West Asia as the mode of transportation of goods and payment has stopped, severly impact their livelihood. Earlier, a report said, if the ongoing geopolitical uncertainties in West Asia escalate further or persist for a longer period, it could have an adverse impact on several Indian sectors, including basmati rice, fertilisers, diamond polishing, travel operators and airlines due to their direct exposure to the region, according to a report by Crisil Ratings. The report noted that sectors such as ceramics and fertilisers, which are highly dependent on imported liquefied natural gas (LNG), could also face near-term production challenges and will require close monitoring. Crude-linked sectors such as downstream oil refiners, tyres, paints, speciality chemicals, flexible packaging and synthetic textiles may also be affected if energy prices remain elevated. India imports around 85 per cent of its crude oil and half of its LNG requirement, with about 40-50 per cent of crude oil and 50-60 per cent of LNG shipments passing through the Strait of Hormuz. According to the report, most shipping vessels have stopped sailing on this route since March 1, 2026, due to increased risks of passage. Any prolonged disruption of this route could impact global crude oil and LNG availability and push prices higher. Meanwhile, the situation in West Asia continues to remain tense. Despite claims by US President Donald Trump that negotiations with Iran are underway and the conflict could soon end, the Pentagon is expected to deploy troops from the 82nd Airborne Division to the Middle East as the war enters its fourth week. (ANI)
|
