More Stories

Informist, Wednesday, Mar. 25, 2026

 

NEW DELHI – The government Wednesday met basmati rice exporters and assured them policy support, including faster insurance claim settlements, to address challenges to shipment posed by the war in the West Asia, according to the All India Rice Exporters Association. Exporters met with senior officials from Directorate General of Foreign Trade, Ministry of Commerce and Industry, Agricultural and Processed Food Products Export Development Authority, and Export Credit Guarantee Corporation of India.

 

Operations at the Straight of Hormuz, which is the major gateway to West Asia for shipping cargoes, has been disrupted ever since the US-Israel launched a war against Iran on Feb. 28. The government has assured compensation for overhead charges that exporters bear on cargoes affected due to the West Asia war from Feb. 15 to Jun. 30, said Ajay Bhalothia, secretary general of the association.

 

 

Addressing payment-related risks, the Export Credit Guarantee Corp. of India said all claims under the multi-buyer open policy will be settled within 30 days. "Additional costs such as higher ocean freight, detention, and demurrage charges will also be covered under claim," the association said in a note. 

 

Ensuring wider industry protection, the Export Credit Guarantee Corp. assured exporters that were not covered under its policy will now become eligible for financial support up to INR 5.0 million. The Export Credit Guarantee Corp. also confirmed that premium rates will remain unchanged. 

 

The Remission of Duties and Taxes on Exported Products scheme, expiring Mar. 31 is expected to be extended shortly into the next financial year, the association said. In addition, the Ministry of Shipping will soon convene a meeting with major shipping line operators to address issues related to freight rates, container availability, and logistics disruptions.  End

 

Reported by Afra Abubacker

Edited by Akul Nishant Akhoury

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (11) 4220-1000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2026. All rights reserved.