American and British forces carried out a fresh wave of strikes against 18 Houthi targets in Yemen, including weapons storage facilities and air defense systems. The strikes come in response to the rebels’ attacks on commercial and naval vessels in the Red Sea. The joint statement by several countries stressed the need for an international response to ensure global economic security and regional stability. The Houthis remain defiant, vowing to escalate military operations in the Red and Arab Seas.
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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.
