N Chandrasekaran, Chairman of Tata Sons, has urged over 30 executives from various Tata Group companies to prepare for a challenging business environment resulting from the ongoing conflict in West Asia. This situation poses risks of supply disruptions, increased costs, and project delays. Chandrasekaran highlighted the need for readiness amidst demand pressures and advised companies to conserve cash, manage expenditures, and review project timelines. The crisis has led to significant economic stress for India, particularly through rising energy prices and supply chain issues. The closure of the Strait of Hormuz, a crucial route for global oil shipments, has exacerbated these challenges, affecting inflation and currency stability in India. In response, the Indian government announced a temporary exemption of customs duties on essential petrochemical products until June 30, 2026, to support domestic industries facing supply disruptions. Measures such as adjusting import duties may also be implemented to safeguard essential goods.