en.Wedoany.com Reported - The Indian government plans to extend temporary import tariff exemptions for approximately 40 petrochemical products, which are set to expire on June 30. An official stated on Thursday that the final decision will be based on developments in the West Asian situation and the associated fiscal revenue impact.

To protect domestic industries from disruptions in the supply chain, the government implemented import tariff exemptions on key petrochemical products starting April 2 as a temporary and targeted relief measure. Tariffs on 40 different products, including anhydrous ammonia, toluene, styrene, and vinyl chloride monomer, have been reduced to zero.

The tariff exemptions aim to benefit industries reliant on petrochemical raw materials and intermediates, covering sectors such as plastics, packaging, textiles, pharmaceuticals, chemicals, automotive components, and other manufacturing fields. The official noted that the fiscal revenue impact must be fully considered when deciding whether to extend this measure. The tariff revenue target for the current fiscal year is 2.71 trillion rupees, and for the 2025-26 fiscal year, it is 2.64 trillion rupees.

The official told the Press Trust of India (PTI) that the decision will be based on the evolution of the West Asian situation and the movement of goods through the Strait of Hormuz. Conflicts in the West Asian region and the effective blockade of the Strait of Hormuz have driven up import prices for crude oil, food, and fertilizers, while a significant reduction in cargo traffic through the strait has also affected raw material supplies.

Other goods exempted from tariffs include methanol, dichloromethane (methylene chloride), polybutadiene, styrene-butadiene rubber, and unsaturated polyester resins.

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