War in West Asia: Indian firms hit, rework contracts
After the recent US-Israel strike on Iran, Indian companies linked to West Asia are reworking contracts and activating force majeure clauses.
Sectors like energy, specialty chemicals, and gems are hit hardest by shipping delays and blocked air routes, leading to extra costs at ports.
Lawyers say more businesses are now seeking advice on supply chain risks and contract issues.
Gulf region is a huge trade partner for India
The Gulf region is a huge trade partner for India—think a bilateral trade of $178.56 billion in fiscal 2024-25, mostly oil, gas, and petrochemicals.
These disruptions make things even trickier.
Still, both sides want closer ties: Qatar hopes to double trade with India soon, and the UAE remains a major trade partner.
So despite the chaos, everyone's pushing for stronger connections.