The government on Thursday exempted import of critical petrochemical products from customs duty to ensure supply stability and provide relief to consumers of final products amid the crisis in West Asia.
The duty exemption, which is valid till June 30, will benefit sectors dependent on petrochemical feedstock and intermediates such as plastics, packaging, textiles, pharmaceuticals, chemicals, automotive components and other manufacturing segments.
In a statement, the finance ministry said in light of the ongoing conflict in West Asia and the consequent disruptions in global supply chains, the government has decided to provide full customs duty exemption on critical petrochemical products till June 30.
“This measure has been taken as 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,” it said.
This will also provide relief to consumers of final products, it added
The goods on which the customs duty have been exempted include Methanol, Anhydrous ammonia, Toluene , Styrene, Dichloromethane (methylene chloride), Vinyl chloride monomer, Poly butadiene, Styrene butadiene and Unsaturated polyester resins.
(With inputs from agencies)