en.Wedoany.com Reported - An Indian government official stated that the country may extend the import tariff exemption policy for certain petrochemical products beyond June 30, aiming to support industries such as pharmaceuticals.
An official from India's Ministry of Commerce and Industry pointed out that tensions in the Middle East have led to maritime disruptions, severely impacting the global supply chain, which is the reason for considering the extension.
RK Vij, Secretary General of the Indian Polyester Textile and Apparel Industry Association, is seeking to extend the tariff exemptions for Purified Terephthalic Acid (PTA) and Monoethylene Glycol (MEG) by another six months. In a letter dated June 9 to Arvind Shrivastava, Tax Secretary of India's Ministry of Finance, the association stated: "We urge the government to extend it until the end of December 2026, as the difficult period continues." The letter further noted that freight rates remain high, and Indian PTA manufacturers are maintaining product prices at import parity levels. Vij said the recently adopted policy helped the industry absorb supply chain shocks and soaring input costs triggered by the war crisis in West Asia.
The Indian government temporarily abolished basic customs duties on 40 petrochemical products, polymers, and intermediates from April 2 to June 30, aiming to reduce import costs for domestic industries amid global supply disruptions. These products cover key upstream chemicals, polymers, and resins needed by the construction, automotive, and consumer goods sectors.
Ravi Teja, Deputy Director of India's Ministry of Commerce, stated at a press conference of the Pharmaceutical Export Promotion Council (Pharmexcil) that the government is closely monitoring the Middle East situation and may extend a series of relief measures for various industries. The official said that the ongoing conflict has led to a significant increase in the cost of raw materials needed to produce drugs such as paracetamol, metformin, and antibiotics, prompting the government to exempt 100% tariffs on 40 key raw materials for about three months. He emphasized: "If necessary, we will extend this period." The government has taken measures to avoid port transportation delays to ensure domestic manufacturers do not face inconveniences. The pharmaceutical industry is a large consumer of petrochemical raw materials.
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