Industry Calls for Export Ban on Key Raw Materials Amid West Asia Conflict
India Inc seeks export ban on key inputs, QCO relief
The Economic TimesImage: The Economic Times
Indian industry leaders, represented by the Federation of Indian Chambers of Commerce and Industry (FICCI), are urging the government to impose an export ban on sulphur and helium to stabilize supply chains affected by the West Asia conflict. They also seek relaxed Quality Control Orders and expedited import approvals to support micro, small, and medium enterprises.
- 01FICCI recommends an export ban on sulphur and helium to stabilize supplies.
- 02Temporary relaxation of Quality Control Orders is suggested to aid sourcing.
- 03Industry urges the government to use Indian-flagged vessels for reliable shipping.
- 04Establishment of alternative regional transit hubs is recommended.
- 05The situation is exacerbated by high inflation and currency volatility.
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The Federation of Indian Chambers of Commerce and Industry (FICCI) has proposed an export ban on key raw materials like sulphur and helium due to supply chain disruptions caused by the ongoing conflict in West Asia. The industry body is advocating for a temporary relaxation of Quality Control Orders (QCOs) to facilitate easier sourcing of critical materials, especially for micro, small, and medium enterprises. Additionally, FICCI suggests that the government fast-track import approvals and deploy Indian-flagged vessels from ports like Mundra, Pipavav, and Nhava Sheva to ensure a reliable shipping alternative when international services are disrupted. The urgency of these measures is underscored by India's challenges with elevated inflation, currency volatility, and a widening current account deficit. FICCI has also recommended establishing alternative regional transit hubs in the UAE, Oman, and Saudi Arabia to bypass congested primary ports, alongside creating a green channel for expedited cargo movement without additional customs clearance.
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These measures could help stabilize supply chains, reduce costs for businesses, and mitigate inflationary pressures on consumers.
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