The ongoing Israel-Hamas conflict may "adversely impact" India's iron, steel, fertilizers, and organic chemicals sector, said Sanjeev Agrawal, the newly appointed president of industry body PHDCCI, adding it was important that a peaceful resolution is reached for the benefit of everyone.
"The ongoing conflict between Israel and Hamas has impacted innocent lives and we are deeply concerned about the safe arrival of Indians back to their homeland. A peaceful resolution is beneficial for everyone, including those who are immediately impacted, as well as for the stability of the global economy," Agrawal told ANI in an exclusive interview.
He noted India has a thriving export sector and has strong trade relationships with Israel.
Agrawal said that uncertainty around trade routes, supply chains and delays will translate into increasing costs of trade from that region.
"If the crisis escalates, shipping bottlenecks, rising freight rates and unpredictable delivery times will impact our global supply chain," he said.
"PHDCCI assured that the Indian government, like in the past, through effective reform measures will cushion the economy against major disruptions and volatilities, if any. PHDCCI will work tirelessly with the government for implementation of the reform measures and handhold the Indian MSME against any challenges which come its way," the industry leader said.
Further, talking about the global challenges, Agarwal said that the environment has been rife with uncertainties, from the Covid-19 pandemic to geopolitical tensions like the Russia-Ukraine conflict.
"However, India has showcased its resilience, managing inflation and attracting Foreign Direct Investment. We at PHDCCI have been in constant collaboration with the government, ensuring that India remains at the forefront of global economic discussions," he added.
Highlighting the reforms that have laid the foundation for India's current economic position, the industry body president said that the country's strong foundation is a result of relentless government initiatives including Atma Nirbhar Abhiyan, Make in India, Ease of Doing Business, Swachh Bharat Abhiyan, Digital India, and many others have bolstered domestic industries but have also made India an attractive destination for global investors.
Sharing his vision on the technology, especially AI, Agarwal said that the government has launched several ambitious initiatives to propel AI and tech development.
"At PHDCCI, our vision is to position India as a global leader in technology-driven innovation. We believe that with the right support and collaboration, India can be at the forefront of technological advancements." Sharing his thoughts on India's journey towards becoming a developed nation by 2047, Agarwal said that the PM's vision for a developed India by 2047 resonates deeply within PHDCCI.
