Israel-Hamas Conflict Casts Shadow on Indian Trade, Impacting Renewable Energy Sector
The Israel-Hamas conflict is now echoing in the realm of Indian trade, impacting several sectors, including renewable energy.
October 09, 2023. By News Bureau
The recent multifront attack on Israel by the Hamas militant group has sent ripples through the global trade landscape, with Indian exporters potentially facing higher insurance premiums and shipping costs.
International trade experts suggest that while the conflict may affect the profits of domestic exporters, it's unlikely to significantly impact trade volumes unless the war escalates. However, the severity of the situation for Indian exporters depends on the war's duration and intensity.
Both countries have a strong collaboration in renewable energy, water technology, R&D in agriculture, and India exports a wide range of IT services to Israel, including software development, IT consulting, and data processing.
The Global Trade Research Initiative (GTRI) has warned that India's Export Credit Guarantee Corporation (ECGC) may increase risk premiums for Indian firms exporting to Israel, resulting in elevated insurance costs.
The potential disruption of major Israeli ports like Haifa, Ashdod, and Eilat, which handle a range of goods, could further complicate matters. Despite the current challenges, trade ties remain robust, with negotiations for a free trade agreement underway.
While the Israel-Hamas conflict casts a shadow over trade, the real consequences will be contingent on the evolution of the situation in the region.
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Dr. Mridula D Bharadwaj
Capacity Building Specialist
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