Measures being done to protect Indian enterprises include the following: Goyal on the Russia-Ukraine conflict

The Union government is taking steps to protect Indian industry from the fallout of the Russia-Ukraine crisis, Commerce and Industry Minister Piyush Goyal told Parliament on Friday, amid concerns about Indian exporters’ stuck payments as a result of US sanctions and a rise in global commodity prices.

He went on to say that the government was also keeping an eye on the chances that the global crisis had created for New Delhi.

“Various procedures are being taken to guarantee that payments are made on schedule and that businesses are not harmed.” In terms of facilitating imports and exports, the government is in contact with all those affected by the Ukraine crisis “Goyal stated this in response to a question in Rajya Sabha on Friday.

He went on to say that Indian farmers had boosted wheat production to meet rising global demand and that the government was also in talks to enter fresh markets.

“Our exporters exported ten times more…wheat last year than they did two years earlier, from 2 lakh metric tonnes.” And this year, we will end the year with more than 70 lakh metric tonnes “Goyal stated.

India’s wheat exports are expected to increase from 70 lakh metric tonnes in the current fiscal year to around 100 lakh metric tonnes in the following fiscal year after Russia and Ukraine, which supplied roughly one-third of global wheat exports, went to war on February 24.

While Goyal ascribed increased edible oil prices to the Russia-Ukraine war, he stated that while imports of sunflower oil were hurt because it primarily came from Ukraine, it made up a minor fraction of India’s edible oil basket.

According to Mint, Ukraine and Russia will account for approximately 13 percent of India’s total edible oil imports in 2021, contributing 1.6 million tonnes.

“Sunflower oil accounts for a smaller proportion of our edible oil basket. Fortunately, in the backdrop of the Ukraine situation, our farmers are doing an excellent job, and we are anticipating a healthy mustard crop that will provide us with high-quality oil seeds,” Goyal added.

Through the oil seeds mission, the government also hopes to stimulate indigenous production. “We will appeal to states to urge farmers to diversify their products and consider oil seeds in addition to traditional crops,” Goyal added.

He emphasised that India’s ability to develop trade is owing to its great connections with numerous nations and that it is critical that commerce and geopolitics are not intermingled. “While one may have an effect on the other….our attitude is that commerce stands on its own two feet.” “Our national and strategic interests will always take precedence,” Goyal said.