Israel-Iran war will not cause any major loss to Indian industries: Badish Jindal

Ludhiana, August 6, 2024:  All Industries and Trade Forum president Badish Jindal has said that the entire world is in shock due to the possible war between Israel and Iran but Indian businessmen are not much worried in terms of business, these countries do less than 1 percent of India's total import and export business with India and in such a situation, the adverse situations created in these countries may not affect the country's business much. But if this war takes a new turn and other countries also participate in it, then perhaps the problems for Indian businessmen may increase.

In statement here today, he added India does not have much international trade with these two countries, some essential agriculture and technology related imports are done from Israel but these equipment are now being developed in India as well and China is also now copying these equipment and exporting them to India and if we talk about the import and export figures from Iran, then India does not have any special business relations with Iran. India exports only Rs 10117 crore to Iran which is 0.27 percent of India's total exports. This mainly includes food grains worth 5704 crores, tea coffee worth 446 crores and animal fodder worth 1456 crores. Similarly, India's imports from Iran are only worth 5176 crores which is 0.09 percent of the country's total imports. This mainly includes fruits worth 1491 crores, minerals worth 1468 crores and organic chemicals worth 1508 crores.

Jindal said, similarly, Lebanon has also entered this war but India does not have any major business with Lebanon and the total exports from India to Lebanon are only 2854 crores and imports are only 751 crores. In this way, Lebanon does not hold any special business importance for India. India's business with Israel is also nominal. India's exports to Israel are worth 37482 crores which is 1 percent of the country's total exports. This mainly includes mineral fuel and bitumen worth 19202 crores, jewellery worth 6550 crores and organic chemicals worth 1449 crores. Similarly, India imports goods worth 16599 crores from Israel which is 0.29 percent of the country's total imports. This mainly includes fertilizers worth 1193 crores, diamonds and jewellery worth 3944 crores, electronics and machinery worth 4308 crores, ship parts worth 1591 crores and weapons worth 860 crores.
Adding, he said therefore, there is no special reason for Indian businessmen to be directly worried about this. But if other countries also get involved in this war, then it can become a big problem for India. On behalf of All Industries and Trade Forum, a demand has been made to the Prime Minister and Commerce Minister of the country that if the shipments of the businessmen have been stopped in these countries, then the government should make some payment to those businessmen through the banks because due to this problem in these countries, the banking systems of these countries have completely shut down and in such a situation, these businessmen have some hope of help only from the Government of India.