New Delhi, March 22 (NationPress): The government’s strategic initiative, dubbed RELIEF, has provided much-needed support to exporters amidst tumultuous global conditions, enhancing trade resilience and ensuring uninterrupted operations by alleviating logistics, insurance, and cost challenges in a politically unstable landscape, stated the Confederation of Indian Industry (CII) on Sunday.

According to CII President-designate R. Mukundan, who also serves as the Managing Director & CEO of TATA Chemicals Ltd, this initiative acts as a vital buffer for the manufacturing and chemicals sectors against escalating freight, insurance, and input costs, aiding in the maintenance of production continuity and export competitiveness.

Mukundan remarked that the Indian industry has showcased remarkable resilience in navigating global uncertainties, including geopolitical conflicts and supply chain disturbances.

The persistent strong performance of the Indian economy underscores the effectiveness of its policy framework and the positive effects of continuous reforms implemented by the government to boost competitiveness, facilitate ease of doing business, and fortify the manufacturing landscape.

For industries like chemicals and petrochemicals, these government measures have fostered an environment conducive to investment, capacity growth, and enhanced integration into global value chains. With robust domestic demand and a stable policy climate, the industry is optimistic about making substantial contributions to India’s growth trajectory while aiding the nation’s journey to becoming a reliable global manufacturing center.

Recent data from the Ministry of Commerce and Industry indicated that India’s merchandise trade deficit decreased to $27.1 billion in February from $34.68 billion the prior month.

Merchandise exports for the country increased to $36.61 billion from $36.56 billion in January, showcasing the sector's resilience, while imports fell to $63.71 billion from $71.24 billion.

For the period of April–February 2025–26, India’s merchandise exports reached $402.93 billion, up from $395.66 billion during the same timeframe last year, marking a growth of 1.84 percent, as per official data.

This information comes in light of the escalating conflict in Iran, which began on February 28, resulting in the blockage of the Strait of Hormuz, a crucial route for 20 percent of the world’s oil and gas exports. This blockage has also adversely affected India’s exports of staple commodities such as rice to Middle Eastern nations.