West Asia war; government gives full customs duty exemption on critical petrochemical products till June 30

Delhi: To reduce cost pressure for downstream sectors and key industries using petrochemical products as primary inputs due to the ongoing West Asia war, the government has given full customs duty exemption on critical petrochemical products till June 30.

It will be a “temporary and targeted relief” in order to ensure continued availability of critical petrochemical inputs for domestic industry, reduce cost pressures on downstream sectors, and safeguard supply stability in the country, the Ministry said.

Exemption is expected to be helpful for sectors dependent on petrochemical feedstock and intermediates such as plastics, packaging, textiles, pharmaceuticals, chemicals, automotive components, and other manufacturing segments.