The Red Sea shipping crisis is predicted to disrupt global trade, according to a warning from the United Nations Conference on Trade and Development (UNCTAD).
Indian shipping companies are raising concerns as the escalating incidents in the Middle East threaten global trade. The Red Sea attacks by the Houthi rebels have led to increased shipping costs and disruptions in the supply chain. Indian exporters may see a drop of $30 billion in total exports in FY24. The Commerce Ministry will hold a meeting to strategize measures to mitigate the trade impact.
The pace of India’s economic expansion in the September quarter will likely exceed expectations, central bank governor Shaktikanta Das said Tuesday. India’s strong growth prospects remain largely unaffected by the global trade slowdown and rise in risk-free rates.
