New Delhi, March 11 (IANS) The Indian government is actively exploring support measures for domestic shipping companies and exporters as insurance costs have shot up due to the war-risk premium that is being levied due to the Iran war, which has engulfed the Middle East region, according to a senior Finance Ministry official.Industry stakeholders have flagged the sharp increase in insurance costs during consultations held by Shipping Secretary T.K. Ramachandran and Department of Financial Servic…
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Coimbatore, March 9 (IANS) The ongoing conflict in West Asia and the disruption of maritime traffic through the Strait of Hormuz have begun to impact India’s textile sector, with polyester fibre prices rising sharply in the past week. According to industry representatives, the price of polyester fibre has increased by Rs 12 per kilogram, creating fresh concerns for textile manufacturers and exporters. The Strait of Hormuz is one of the world’s most crucial maritime corridors for the transpor…
Washington, March 8 (IANS) The United States of America urged India to draw down more than 100 million barrels of Russian crude waiting offshore for Chinese refineries in an effort to cool rising oil prices during the Iran conflict, Energy Secretary Chris Wright said on Sunday. Speaking in interviews on US television programmes, including CNN and CBS News, Wright said the Trump administration directly reached out to India as part of a short-term effort to calm energy markets rattled by disruptio…
New Delhi, March 7 (IANS) The government on Saturday extended the deadline for fulfilling export obligations under certain export promotion schemes to August 31, 2026, to help exporters facing disruptions in global trade and shipping routes.The Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce and Industry, announced the decision through a public notice.The move comes amid ongoing geopolitical developments that are affecting global shipping routes, logistics corridors a…
Washington, Jan 12 (IANS) President Donald Trump said the United States will acquire Greenland, warning that failure to do so would allow Russia or China to gain control of the strategic Arctic territory.“If we don’t take Greenland, Russia or China will,” Trump told reporters aboard Air Force One. “And I’m not letting that happen.”Trump said he preferred a negotiated agreement but insisted the outcome was inevitable. “I’d rather — I’d love to make a deal with ’em. It’s easier,” h…