India May Cut Import Duties to Ensure Local Supplies

India will reduce import duties and regulate exports if needed to secure domestic supplies of essential goods disrupted by the Middle East war, the head of foreign trade said Thursday, according to Reuters.

The conflict, which began in late February after U.S.

and Israeli strikes on Iran, has effectively shut the Strait of Hormuz, a route for about 20% of global oil flows.

Energy and freight costs have since surged, straining supply chains worldwide.

In response, New Delhi removed customs duties on several critical petrochemical products until June 30, the Economic Times reported, aiming to ease shortages and stabilize domestic markets amid ongoing geopolitical turmoil.