FX.co ★ India May Cut Import Duties to Ensure Local Supplies

India will reduce import duties and, if necessary, impose export controls to secure sufficient domestic supplies of key commodities whose availability has been constrained by the war in the Middle East, the country’s foreign trade chief said on Thursday, according to Reuters. The conflict, which began at the end of February after the U.S. and Israel attacked Iran, has effectively shut the Strait of Hormuz, a route that normally handles about 20% of global oil shipments. As a result, energy and freight costs have soared, putting intense pressure on global supply chains. In response to these disruptions, the Indian government on Thursday scrapped customs duties on several critical petrochemical products until June 30, The Economic Times reported.