How could India be impacted if the Bab el-Mandeb Strait is shut by Iran?

Iran shutting Bab el-Mandeb Strait amid Middle East war could affect 25% of India's foreign trade, which passes through the narrow corridor, Financial Express reported. It would force Indian cargo to reroute via Africa's Cape of Good Hope, adding 14-20 days to the voyage. It could also push container shipping rates higher, possibly stripping $30 billion from India's export economy.