Minister of Trade and Industry Piyush Goyal said on Wednesday that according to industry opinion, exports of Indian pharmaceuticals, telecommunications tools, tea, coffee and seafood are likely as a result of Russia’s rule. The conflict in Ukraine.
He added that the Department of Commerce is aware of the current situation and regularly consults with all stakeholders to ensure the availability of key imports.
A more detailed implication of the post-war scenario can be assessed after the situation has stabilized, he said in a written response to Lok Sabha.
“According to industry opinion, exports of some Indian products may be affected, including pharmaceuticals, telecommunications tools, tea, coffee, seafood, etc.,” Mr Goyal said.
The Russian-Ukrainian war has answered questions about India’s potential impact on trade with the two countries and whether the Center is aware of the business situation in the light of the war.
The essential products for export from India to Russia are pharmaceuticals, telecommunications tools, iron and steel, tea and chemicals. At the same time, imports include oil, pearls and semi-precious stones, coal, fertilizers and vegetable oils.
India’s exports to Ukraine include pharmaceuticals, telecommunications tools, peanuts, pottery, iron and steel, and imports include vegetable oils, fertilizers, inorganic chemicals, plastics and plywood, and other products.
Goyal added that Ukraine and Russia are major exporters of wheat, with more than a 25 per cent share in world trade, and that the suspension of exports from those countries could lead to an increase in outbound shipments to India.
In a separate reply, the Minister said that several meetings had been held with stakeholders as part of the consultation process for a new foreign trade policy, and that all suggestions had been received for further consideration.
“A separate Foreign Trade Policy cell was set up with several officials to coordinate the formulation of Foreign Trade Policy,” he said.
He also reported that exports of Agri products (including dairy products and dairy products) rose from $ 32,662 billion in April-January 2021 to $ 40,873 million in April-January 2022, an increase of 25.14 percent.
In response to a question about the rubber sector, Goyal said it would remove specific archaic provisions, create the right business facilitation environment and make a global rubber industry; the government is considering amending the 1947 Rubber Act.
“In this regard, the Bill – Rubber (Promotion and Development) 2022 – The Bill has been presented … for a wider consultation and to seek the comments / suggestions of the public / stakeholders until 9 April 2022.
“As of March 10, 477 stakeholders and citizens have submitted suggestions including some suggestions on the Bill, including some suggestions for not introducing the new 2022 Goma (Promotion and Development) Bill,” he said.
The Government of Kerala has proposed changes to some provisions of the Rubber Bill and the 2022 Species (Promotion and Development) Bill.
One of the suggestions in the species bill is to limit production schemes to cardamom only; Fears about the validity of the state government’s registration of cardamom owners; The Center shall consult the Species Council on the import and export of spices; adding a section to ban / control the import of spices; and repealing the 1987 Cardamom (Licensing and Marketing) Regulations.
“Actors, including the Government of Kerala and the public, will consider all suggestions received before the end of the Bill,” the minister said.