Commodities
Middle East Crisis Devastates Firozabad's Glass Industry
The ongoing Middle East crisis is having a severe impact on Firozabad's glass industry in India. The industry, which employs around 1.5-5 lakh people directly and indirectly, relies heavily on natural gas for its production.
The conflict between Iran, the US, and Israel has disrupted gas supplies, causing production costs to rise sharply. Gas prices have almost tripled as Firozabad's glass factories are now purchasing it from the US and Argentina.
Mukesh Kumar Bansal Tony, President of Glass Export Industries, stated that 'Exporters are facing significant difficulties after the US government increased tariffs.' He added that the conflict has also impacted gas supplies from Qatar, further exacerbating production costs.