Israel-Hamas Conflict Could Impact India’s Steel, Fertiliser Sectors: PHDCCI

New Delhi, Oct 10 (KNN) India’s iron, steel, fertilizers, and organic chemicals sector may be adversely impacted by the ongoing Israel-Hamas conflict, said Sanjeev Agrawal, the newly appointed president of industry body PHDCCI.

He added that it was important that a peaceful resolution is reached for the benefit of everyone.

In an exclusive interview with ANI, he said, “The ongoing conflict between Israel and Hamas has impacted innocent lives and we are deeply concerned about the safe arrival of Indians back to their homeland. A peaceful resolution is beneficial for everyone, including those who are immediately impacted, as well as for the stability of the global economy.”

Noting India’s thriving export sector and has strong trade relationships with Israel, Agrawal said that uncertainty around trade routes, supply chains and delays will translate into increasing costs of trade from that region.

“If the crisis escalates, shipping bottlenecks, rising freight rates and unpredictable delivery times will impact our global supply chain,” he said.

“PHDCCI assured that the Indian government, like in the past, through effective reform measures will cushion the economy against major disruptions and volatilities, if any. PHDCCI will work tirelessly with the government for implementation of the reform measures and handhold the Indian MSME against any challenges which come its way,” the industry leader said.

Further, talking about the global challenges, Agarwal said that the environment has been rife with uncertainties, from the COVID-19 pandemic to geopolitical tensions like the Russia-Ukraine conflict.

“However, India has showcased its resilience, managing inflation and attracting Foreign Direct Investment. We at PHDCCI have been in constant collaboration with the government, ensuring that India remains at the forefront of global economic discussions,” he added.  (KNN Bureau)