This underscores how escalating geopolitical tensions and armed conflicts are redrawing global supply chains, disrupting the steady flow of commodities, components and critical inputs. From energy and fertilisers to semiconductors and food staples, the Iran war has injected volatility into trade routes, freight costs and sourcing strategies, forcing nations to prioritise domestic resilience over efficiency.
Click here to track live developments on Iran war
For India, which remains heavily reliant on imports in key sectors, the shocks have exposed vulnerabilities that could ripple through inflation, manufacturing output and food security.
Earlier, the government extended tax benefits for exporters under the RoDTEP scheme by six months, until September 30, due to disruptions in global trade caused by the ongoing West Asia crisis. The Remission of Duties and Taxes on Exported Products (RoDTEP) scheme, launched in 2021, refunds exporters for certain taxes, duties and levies they pay during the production and distribution of goods, which are not covered by any other central, state or local scheme.
Also Read: Govt extends RoDTEP benefits for exporters till September 30
The government on Thursday had also removed customs duy on several critical petrochemical products till June 30th, in light of the ongoing war in the Middle East and the consequent disruptions in global supply chains.