BEWARE OF FAKE INSTITUTES WITH SIMILAR NAMES. blank    blank
banner

Red Sea Attacks and Impact on Indian Trade



  Jan 11, 2024

Red Sea Attacks and Impact on Indian Trade



1. What is the Red Sea’s significance for Indian trade?

The Red Sea is a vital maritime route for India’s imports and exports, particularly for oil and other essential commodities.

2. How have recent attacks affected this trade route?

The attacks have increased the risk for shipping, leading to rerouted vessels, higher insurance premiums, and elevated shipping costs.

3. What items in Indian trade are most affected?

The trade of oil and petroleum products, along with other goods typically transported through this route, faces disruptions and increased costs.

4. What alternative routes are shipping companies considering?

Companies are diverting to longer and costlier routes, such as around the Cape of Good Hope, to avoid the high-risk areas of the Red Sea.

5. How do these attacks impact global shipping costs?

Global shipping costs have spiked due to the rerouting of ships and increased insurance premiums necessary to navigate the riskier waters.

6. What is the broader economic impact of these attacks on India?

India may face inflationary pressures due to the higher costs of transporting goods, potentially affecting the prices of commodities and consumer goods.

7. What measures are being taken to secure this trade route?

Increased naval patrols and international cooperation for maritime security are among the measures to safeguard the Red Sea route.

8. Are the attacks targeting specific types of vessels or cargoes?

While not exclusively, the attacks have primarily targeted non-petroleum goods shipments. However, the threat remains for all maritime traffic in the area.

9. How does this situation affect India’s energy security?

With a substantial part of India’s oil imports transiting through the Red Sea, any disruption could affect the country’s energy supply and energy security strategies.

10. Could these attacks influence India’s foreign trade policy?

Persistent threats in the Red Sea might prompt India to seek alternative supply routes and diversify its trade partnerships to mitigate risks.


Share:
 

Get a call back

Fill the below form to get free counselling for UPSC Civil Services exam preparation

 
UPSC DAILY CURRENT AFFAIRS

 
ANTARCTICA: BRUNT ICE SHELF CALVING EVENT
 
Northern Lights: Mysteries & Marvels
 
GIFT SEZ & IFSCA: Gujarat's Global Financial Hub
 
Manual Scavenging in India:Laws and Rulings
 
Global Public Goods
 
SISUPALGARH ARCHAEOLOGICAL SITE
 
Unlocking Justice: Plea Bargaining in Indian Law
 
PANINI'S SANSKRIT GRAMMAR
 
Statute of Westminster 1931 and India
 
THE MYTH OF TRAILOKYAVIJAYA AND ITS CULTURAL SIGNIFICANCE
 
Outer Space Treaty (OST) and India
 
Indian Soldiers Remembered: Heliopolis WW1 Memorial
 
India's Participation in the Artemis Accords
 
Gender Dynamics in Ancient India: Insights from Romila Thapar
 
Social Stock Exchange (SSE)