He added that the Department of Commerce is aware of the current situation and is holding regular consultations with all stakeholders to ensure the availability of essential imports.
A more accurate impact of the post-war scenario can only be assessed after the situation stabilizes, he said in a written response in the Lok Sabha.
“According to industry feedback, exports of some products from India are likely to be affected, including pharmaceuticals, telecommunication instruments, tea, coffee, sea products, etc.,” Goyal said.
He answered questions about the likely impact of the Russo-Ukrainian war on India’s trade with the two countries and whether the center is aware of the current business scenario in light of the war.
The main exports from India to Russia are pharmaceuticals, telecommunications instruments, iron and steel, tea and chemicals, while imports include petroleum, pearls and semi-precious stones, coal, fertilizers and vegetable oils.
India’s exports to Ukraine include pharmaceuticals, telecommunications instruments, peanuts, ceramics, iron and steel, while imports include vegetable oils, fertilizers, inorganic chemicals, plastics and plywood and related products.
Goyal added that both Ukraine and Russia are major exporters of wheat, accounting for more than 25 percent of world trade, and the disruption to exports from these countries gives India an opportunity to increase its export shipments of the crop.
In a separate response, the minister said that as part of the consultation process to formulate a new foreign trade policy, various stakeholder meetings were held and all proposals were recorded for further consideration.
“A separate foreign trade policy cell was created to coordinate foreign trade policy formulation with various officials,” he said.
He also said that exports of agricultural products (including milk and milk products) increased from $32.662 billion in April-January 2021 to $40.873 billion in April-January 2022, a growth of 25.14 percent is equivalent to.
In response to a question about the rubber sector, Goyal said the government is considering amending the existing Rubber Act of 1947 to eliminate certain archaic provisions, create an enabling environment for facilitating doing business, and build a world-class rubber industry.
“In this regard, a bill – Rubber (Encouragement and Development) Bill 2022 – has been put forward… for wider consultation and soliciting comments/suggestions from the public/stakeholders by April 9, 2022.
“On March 10, 477 stakeholders and the public submitted their proposals on the draft law, including some proposals not to implement the new Rubber Law (Promotion and Development) 2022,” he said.
The Government of Kerala has proposed amendments to some provisions of the Draft Rubber Act and the Draft Spices (Promotion and Development) Bill 2022.
The draft Spice Act proposes limiting production programs to cardamom only; concerns about the validity of the state government’s registration of cardamom estate owners; provision for the Center to consult the Spices Board in relation to import and export of spices; Add a section on banning/controlling imports of spices; and to repeal the Cardamom (Licensing & Marketing) Rules, 1987.
“All suggestions from stakeholders, including the Kerala government, and the public will be considered before the draft legislation is finalized,” the minister said.