<p data-path-to-node="1">Union Commerce and Industry Minister Piyush Goyal defended a market-regulated approach to ocean cargo tariffs on Friday, warning that direct government intervention or price ceilings on freight rates could introduce unintended long-term distortions to global supply chains. Speaking at the National Workshop on Seafood Exports in Visakhapatnam, Goyal noted that artificial caps could prevent freight rates from softening naturally during periods of normalized trade, keeping transport costs high.</p><p data-path-to-node="2">Addressing the severe logistics constraints plaguing commercial corridors due to maritime security threats in the Strait of Hormuz and the wider West Asia region, Goyal emphasized that the state would continue to shield domestic businesses through strategic financial cushions rather than structural price controls. He noted that while global trade mechanisms typically adjust export prices to mirror shifting ocean logistics, India's controlled domestic fuel costs have successfully prevented the hyperinflation seen in other disrupted economies.</p><p data-path-to-node="3"><b data-path-to-node="3" data-index-in-node="0">Expanding Safety Nets via the RELIEF Framework</b>

The minister’s statements coincide with an active expansion of the Resilience &amp; Logistics Intervention for Export Facilitation (RELIEF) scheme, originally deployed on March 19 to counter escalating war-risk premiums and freight surcharges. Managed by the Export Credit Guarantee Corporation of India (ECGC), the safety net has been expanded to protect trade flows passing through or destined for critical Middle East and North Africa (MENA) territories. The comprehensive intervention provides specific relief across three central parameters:</p><ul data-path-to-node="4"><li><p data-path-to-node="4,0,0"><b data-path-to-node="4,0,0" data-index-in-node="0">Retroactive Risk Protection:</b> Exporters who executed eligible marine shipments between February 14 and March 15 are granted up to 100% additional risk coverage over pre-existing policies at no extra charge.</p></li><li><p data-path-to-node="4,1,0"><b data-path-to-node="4,1,0" data-index-in-node="0">Forward Shipment Subsidies:</b> For new cargo moving between March 16 and June 15, the government provides up to 95% additional risk coverage for operators obtaining ECGC credit insurance.</p></li><li><p data-path-to-node="4,2,0"><b data-path-to-node="4,2,0" data-index-in-node="0">Direct Reimbursements for MSMEs:</b> Small and medium enterprises lacking standard ECGC coverage are eligible for cash reimbursements covering up to 50% of extraordinary freight and insurance surcharges, with maximum relief capped at ₹50 lakh per exporter.</p></li></ul><p data-path-to-node="5"><b data-path-to-node="5" data-index-in-node="0">Sustaining Fisheries Growth Amid Supply Chain Pressure</b>

Despite ongoing geopolitical headwinds, Goyal highlighted the resilience of India's seafood and aquaculture industry. Driven by targeted state initiatives promoting cold-water species cultivation, the export sector has maintained steady momentum. Outbound volumes for tiger prawns surged by 40%, while combined exports of squid and cuttlefish recorded a 30% increase, reflecting a successfully diversified export portfolio even amid turbulent marine logistics.</p>