New Delhi, March 22
Indian industry has consistently demonstrated strong resilience despite supply chain disruptions caused by the ongoing conflict in West Asia, President Designate of Confederation of Indian Industry R Mukundan said, adding that government reforms and support measures are helping businesses navigate global uncertainties.
Mukundanis also Managing Director and CEO of Tata Chemicals and Chairman of the CII National Committee on Chemicals and Petrochemicals.
"Indian industry has consistently demonstrated strong resilience in the face of global uncertainties, including geopolitical tensions and supply chain disruptions. The continued robust performance of the Indian economy reflects the strength of its policy framework and the impact of sustained reforms undertaken by the Government to enhance competitiveness, improve ease of doing business, and strengthen the manufacturing ecosystem," Mukundan said in a statement issued today.
He added that policy reforms have created a favourable environment for some sectors like chemicals and petrochemicals.
"For sectors such as chemicals and petrochemicals, these initiatives have created a conducive environment for investment, capacity expansion, and deeper integration with global value chains," he said.
Mukundan also expressed confidence that the sector will continue to contribute to India's economic growth.
"With strong domestic demand and a stable policy environment, the industry remains confident of contributing meaningfully to India's growth story while supporting the country's emergence as a reliable global manufacturing hub," he said.
He further welcomed the government's RELIEF initiative, aimed at supporting exporters amid global disruptions.
"A timely and strategic move by the Government of India with the RELIEF initiative--supporting exporters amid global disruptions. By easing logistics, insurance, and cost pressures, this step strengthens trade resilience and ensures continuity in a volatile geopolitical environment," Mukundan said.
According to him, the initiative will help manufacturing sectors manage rising operational costs.
"For the manufacturing and chemicals sector, it comes as a crucial buffer against rising freight, insurance, and input costs, helping maintain production continuity and export competitiveness," he added.
The development comes amid escalating tensions in West Asia following the conflict that began on February 28 after Iran's 86-year-old Supreme Leader, Ayatollah Ali Khamenei, was killed in joint military strikes by the United States and Israel. In retaliation, Iran targeted US assets in several Gulf countries, and Israel, disrupting key maritime routes and raising concerns over global energy markets and economic stability.
Amid the ongoing conflict, Iran has effectively closed the Strait of Hormuz, a critical maritime corridor through which a significant portion of the world's oil and energy supplies transit, leading to disruptions in shipping and heightened volatility in international energy markets.
- ANI
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