Union Minister Nitin Gadkari’s family business has reportedly suffered a major financial setback due to the ongoing tensions in the Middle East, affecting export operations linked to international trade.
Speaking at the Business Conclave organised by the Buddhist Entrepreneurs Association of Commerce and Industries in Nagpur, Gadkari said his son has a large-scale business network in Iran involving exports of grapes, apples and bananas from India.
He said the outbreak of war severely affected supply chains and international trade routes, resulting in major losses to perishable goods stored in containers. According to Gadkari, nearly 400 containers of bananas and 200 containers of apples were spoiled due to disruptions caused by the conflict.
He further stated that around 100 containers usually exported to the United States could not be shipped because of the prevailing situation, forcing traders to sell the goods in local markets.
Addressing entrepreneurs at the conclave, Gadkari said challenges are an inseparable part of business and every entrepreneur must face difficult situations with confidence and a positive attitude. He added that global conflicts, economic crises and changing market conditions continue to impact trade and business profitability.
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