Mumbai: Union Commerce Minister Piyush Goyal on Saturday said India is working on an insurance scheme to support exporters facing headwinds from the Red Sea crisis, even as he asserted that the country remains economically resilient with strong fundamentals amid the ongoing conflict in West Asia. He was speaking at the CNBC-TV18 India Business Leader Awards 2026 in Mumbai.
India Working on Insurance Scheme to Counter Red Sea Crisis Impact
Goyal said the Centre is in constant dialogue with all stakeholders to address disruptions arising from the Red Sea situation. “We have been engaging with all export promotion councils. We have a 24-hour helpline ready to resolve any issues and we are constantly coming up with SOPs to help any cargo which needs to come back to ensure custom or port support,” he said.
India Resilient Amid West Asia Crisis; PM Modi Guiding Country to Find Opportunities in Challenges
Goyal said India’s economic fundamentals remain strong despite the evolving situation in West Asia. “With a war ranging on, people of India understand the situation and are ready to work with the government to find solutions,” he said.
He added that Prime Minister Narendra Modi has guided the country to look for opportunities amid challenges, noting that while some short-term disruptions may occur, India remains well poised to emerge as a reliable global partner.
India Well Placed to Deal with Any Situation on Crude Oil and Fuel
Addressing concerns over fuel availability, Goyal said India remains well placed and that the ongoing conflict involving Iran may not last very long. “The petroleum ministry and ministry of external affairs have been very candid and upfront in sharing with people of India that when there’s a war, there are going to be problems. On crude oil and fuel, we are very well placed. We have also ramped up kerosene production to provide an alternate option for the common man,” he said.
India Reaffirms Commitment to India-US Trade Deal After Tariffs Verdict
Responding to a question on whether India would revisit the interim trade deal with the US following the US Supreme Court ruling that tariffs imposed by President Donald Trump were illegal, Goyal said India stands by the agreement.
“We had a very robust and good FTA. A trade agreement is about getting preferential access, the absolute tariffs do not matter. The US agreement gave India the lowest import duty compared to all our peers. Apart from that, we had a number of products where we had zero duty,” he said.
Goyal noted that the preferential element of the agreement had been affected after the US Supreme Court’s decision, but reiterated India’s position: “We are in talks with the United States and we stand by the FTA.”
On the protection of sensitive sectors, he added: “When we finalise a FTA… we also protect sensitive sectors. With the US, all GM products will not be allowed entry into India — corn, soybean, rice, wheat, millets. The only access is in areas which do not threaten our farmers.”
