Govt waives customs duty on petrochemicals amid West Asia crisis
The Central government has announced a temporary exemption on customs duty for select petrochemical products in a bid to stabilise domestic supply and shield industries from rising global disruptions triggered by the ongoing crisis in West Asia. The relief measure, which will remain in effect until June 30, is aimed at easing cost pressures across multiple sectors dependent on petrochemical inputs, reported news agency PTI. Duty Exemption to Support Supply Stability In an official statement, the Ministry of Finance said the decision was taken in response to disruptions in global supply chains caused by escalating tensions in West Asia. The exemption is intended to ensure uninterrupted availability of critical petrochemical feedstock required for industrial production, reported PTI. The government described the move as a “temporary and targeted relief” designed to maintain supply stability, reduce input costs for downstream industries and prevent inflationary pressure on finished goods. Wide Range of Industries to Benefit The exemption is expected to provide significant relief to industries that rely heavily on petrochemical intermediates. Key sectors set to benefit include plastics, …
