Politics
PM Modi chairs urgent top-level security meeting on deepening West Asia crisis
New Delhi:
Prime Minister Narendra Modi has called an urgent meeting of the government's highest decision-making body, the Cabinet Committee on Security, on the West Asia crisis.
The committee comprising the Prime Minister, the Interior Minister, the Defense Minister, the Foreign Minister, the Finance Minister and the National Security Advisor discussed in detail the new hostilities in the Middle East and the sharp escalation after Iran's ballistic missile attack on Israel.
Terming recent developments in West Asia as “deeply concerning”, the country's top committee looked into various issues arising from the current and widening crisis.
Among several key issues, they discussed the impact on trade, shipping and supply chains, particularly the supply of oil, petroleum and derivative products.
India urged all parties involved in the conflict to resolve all issues urgently, through diplomacy and dialogue. New Delhi also said the ongoing conflict “must not take on a wider regional dimension”.
IMPACT ON MARITIME TRADE AND SUPPLY CHAINS
A conflict not only affects those who are parties to it, but has spillover effects that affect the rest of the region and even the world. With the sharp escalation between Iran and Israel, India is bracing for greater trade disruptions on key routes across the Red Sea and Gulf of Aden.
The conflict could lead to a significant rise in freight rates as Iran-backed Lebanese Hezbollah militants have close ties to Houthi rebels in Yemen, who are responsible for most attacks on merchant ships and ships carrying goods via the Red Sea and Gulf of Aden routes.
The Red Sea crisis began in October last year, when Iran-backed Houthi militias disrupted global trade in the region. For India alone, this affected oil exports which fell by 37.56 percent to $5.96 billion in August this year compared to $9.54 billion in the same month last year.
The Red Sea route followed by the Suez Canal accounts for 50% of India's exports – worth Rs 18 lakh crore, and 30% of imports, worth Rs 17 lakh crore, according to 2023 data .
India's overall merchandise trade (exports and imports combined) in FY23 stood at Rs 94 lakh crore, of which 68 per cent (in value terms) and 95 per cent (in volume terms ) were shipped by sea.
India also does a lot of trade with the Gulf countries. According to the latest government data, the Gulf Cooperation Council or GCC now accounts for 15% of India's total trade, and sectors like energy, defense, security and healthcare are growing rapidly in the region. Bilateral trade between India and the Gulf Cooperation Council countries reached $162 billion last year.
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