empty
 
 

03.04.202601:56:49UTC+00India 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.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback