India, April 19 -- Things remain in a flux as far as the ongoing war in West Asia and its impact on maritime traffic, especially fuel supplies, via the Strait of Hormuz are concerned. Two key economic factors will take time to normalise even if the conflict were to end: production in oil and gas facilities in the region that have suffered damages and insurance premiums for shipping, which have spiked. India can't do much to improve the former, but the Centre has rolled out a possible workaround vis-a-vis the latter.

The sovereign guarantee-backed Bharat Maritime Insurance Pool can reduce insurance costs for ships - they have reached prohibitive levels apparently - bringing essential fuel supplies to India and, therefore, their landed cos...