India will decide policy steps once trade impact of Iran-Israel conflict understood

New Delhi: The Indian government will take a policy decision to mitigate any effect on its trade from the conflict between Iran and Israel after it has fully understood the impact, the country's trade secretary said on Monday.

"Policy interventions will only come after we understand the issues traders are facing. Based on that exercise, whatever is needed, the government will address that," India's Trade Secretary Sunil Barthwal told reporters.

India, the world's third-largest oil importer and consumer, imports a significant chunk of its petroleum purchases from the Middle East.

Oil prices slipped on Monday, with the market downplaying the risk of broader regional conflagration after Iran's weekend attack on Israel.

India advised its citizens on Friday against travelling to Iran and Israel until further notice in view of the "prevailing situation in the region".