New Delhi, April 9 -- As we all hold our breaths in anticipation of the US-Iran ceasefire announcement, MSMEs, especially exporters, are still not out of the woods. This month-long disruption and the uncertainty prevailing currently in the Gulf nations, which are our major export partners, will have long-term effects on our business.
I had, over the few weeks, spoken to several small businesses and each one of them told me that their costs have increased considerably. Even a business manufacturing housekeeping products felt the hit of war. Increase in crude oil prices meant that PET bottles, which is the most essential part of its business, are produced from petrochemicals derived from fossil fuels. With the closing of the Strait of Hormuz...