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As per IMF, in January and February this year the trade in Suez Canal dropped 50% from a year earlier and the trade in Panama Canal fell by 32% disrupting the supply chain and distorting key macroeconomic indicators

Red Sea Crisis: Finance Ministry writes to RBI and IRDAI to mitigate impact on Indian exports

<h2>As per IMF, in January and February this year the trade in Suez Canal dropped 50% from a year earlier and the trade in Panama Canal fell by 32% disrupting the supply chain and distorting key macroeconomic indicators</h2>

In response to the persistent Houthi attacks on cargo ships in Red Sea, the Finance Ministry has written to the Reserve Bank of India (RBI) and Insurance Regulatory and Development Authority of India (IRDAI) to monitor the export credit availability, and&nbsp; insurance premium's riseto help Indian exporters deal with the trade disruptions.
<h3>Help to Indian exporters</h3>
As per The Economic Times, the finance ministry last month had written &nbsp;the RBI, Irdai, and the state-run export finance institution Exim Bank urging them to closely monitor and address the issues flagged by exporters to the Ministry of Commerce and Industry regarding disruptions that could potentially drive up India's export expenses.
Also Read: <a href="https://www.editorji.com/business-news/economy/crisis-in-red-sea-this-is-why-there-s-a-red-light-for-ships-in-the-region-now-1702995809794">Crisis in Red Sea: This is why there's a red light for ships in the region now</a>
Business Standard quoted a government official and said that all the stakeholders including exporters and commerce ministry had decided that sectoral regulators will keep a watch and take necessary action, wherever possible.
"After our deliberations with the commerce ministry and other stakeholders, including exporters, it was decided that sectoral regulators will keep a watch and take necessary action, wherever possible", a government official told The Economic Times.
The official further added that banks have been briefed separately to factor in hikes while sanctioning fresh credit limits to exporters and other businesses. Meanwhile in February, financial services secretary Vivek Joshi said the government had asked state-run banks and insurers to deal with trade financing and insurance with sensitivity in view of the crisis.
The Economic Times quoting a source said that the banks are taking into consideration the increase in freight costs and insurance premiums while sanctioning new credit limits.
<h3>Red Sea Crisis</h3>
The International Monetary Fund noted that in January and February this year the trade in Suez Canal dropped 50% from a year earlier. Likewise the trade in Panama Canal fell by 32%. The fall in trade has disrupted the supply chain and has distorted key macroeconomic indicators.
The Business Standard quoting officials mentioned that the Red Sea crisis has had a minimum impact on Indian exports as vessels transporting containers from the country have been rerouted through the Cape of Good Hope. This ensures uninterrupting trade flow.
The Houthis earlier had been attacking only ships associated with Israel. However later they expanded their attacks on vessels of countries supporting Israel. Following this major shipping firms are rerouting their ships from the Suez Canal to the Cape of Good Hope. However, this has lead to an increased freight and transportation costs.

A viral video showed a British-registered cargo ship sinking in the Red Sea after it was attacked by the Houthis off Yemen coast.

Watch | Cargo ship sinks off Yemen after Houthi strike

A viral video showed a British-registered cargo ship sinking in the Red Sea after it was attacked by the Houthis off Yemen coast.

Footage broadcast by Yemen TV showed a Belize-flagged ship partially submerged near Hanish Islands in the Red Sea.
Aljoumhouriya TV showed the Rubymar, a British-registered, Lebanese-operated, cargo vessel submerged in the sea.
The ship was attacked on Feb. 18 while sailing through the Bab el-Mandeb Strait that connects the Red Sea and the Gulf of Aden, U.S. Central Command said.
The attack caused an 18-mile (29-kilometer) oil slick, the U.S. military said Saturday. It also warned of the danger of a spill from the vessel's cargo of fertilizer.
The U.S. military has in recent weeks launched waves of strikes on Houthi-held areas inside Yemen in response to the Houthis&rsquo; attacks on shipping routes in the Red Sea.
Since November, the rebels have repeatedly targeted ships in the Red Sea and surrounding waters.
They claim to be acting over Israel&rsquo;s war against Hamas in the Gaza Strip, however they have frequently targeted vessels with tenuous or no clear links to Israel, imperilling shipping in a key route for trade among Asia, the Mideast and Europe.
The targeted vessels have included at least one with cargo for Iran, the Houthis' main benefactor.

Red Sea attacks: will find attackers even from depths of seas, says Rajnath Singh

MV Chem Pluto with 21 Indian crew members, was struck by a drone about 217 nautical miles from Porbandar on Saturday following which both the Indian Navy and the Indian Coast Guard deployed a number of assets to provide assistance to the ship.

The Indian government has taken serious cognisance of the recent attacks on merchant navy ships MV Chem Pluto and MV Sai Baba, and it will take strict action against those behind the attacks by finding them even from the "depths of seas", Defence Minister Rajnath Singh said on Tuesday.
Speaking after the commissioning of stealth guided missile destroyer INS Imphal, Singh said India has intensified patrolling of the seas after the recent attacks on merchant navy ships.
"The Indian government has taken the drone attack on MV Chem Pluto and attack on MV Saibaba in the Red Sea seriously. We will find those who executed the recent attacks on merchant navy ships even from the depths of the seas and take strict action against them," Singh said.
MV Chem Pluto with 21 Indian crew members, was struck by a drone about 217 nautical miles from Porbandar on Saturday following which both the Indian Navy and the Indian Coast Guard deployed a number of assets to provide assistance to the ship.
A Gabon-flagged commercial crude oil tanker with 25 Indian crew members reportedly came under a drone attack in the Southern Red Sea. Indian officials later clarified that the commercial oil tanker was not an Indian-flagged vessel.
Meanwhile, Navy chief Admiral R Hari Kumar said four destroyers have been deployed to counter piracy and drone attacks on merchant ships.
He said P-8I aircraft, Dorniers, Sea Guardians, helicopters and Coast Guard ships - all have been deployed jointly to counter the threats of piracy and drone attacks.&nbsp;

Indian Navy officials have refuted US military's claim that a vessel attacked in the Red Sea was Indian-flagged, as per ANI. The officials said it's a Gabon-flagged tanker having 25 Indian crew members.

Oil tanker hit in Red Sea not Indian-flagged, says Navy: report

Indian Navy officials have refuted US military's claim that a vessel attacked in the Red Sea was Indian-flagged, as per ANI. The officials said it's a Gabon-flagged tanker having 25 Indian crew members.

Indian Navy officials have reportedly said that a crude oil tanker that was hit by a drone in the Red Sea is not Indian-flagged.
This comes hours after the US military claimed that the vessel was Indian-flagged.
According to ANI, Indian Navy officials said that MV Saibaba is a Gabon-flagged vessel which suffered the drone attack.
The officials added that there are 25 Indian crew members on board who are safe.
Earlier, a chemical tanker was attacked by a drone off Gujarat coast.
<a href="https://www.editorji.com/world-news/indian-flagged-crude-oil-tanker-hit-by-drone-in-red-sea-us-central-command-1703388379179">Also watch: Indian-flagged crude oil tanker hit by drone in Red Sea: US Central Command</a>

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