India Extends Import Duty Exemption on Key Petrochemicals Until July 15

en.Wedoany.com Reported - India's Ministry of Finance has announced the extension of the zero import duty policy on key petrochemical products until July 15, aiming to ensure stable domestic supply amid the West Asia crisis. The policy was initially implemented on April 2 and was originally set to expire on June 30.

The duty exemption covers approximately 40 key petrochemical products and is described as a "temporary, targeted relief." In an official notification issued on Tuesday, the Ministry of Finance extended the exemption period by 15 days.

This measure is intended to benefit manufacturing sectors such as plastics, packaging, textiles, pharmaceuticals, chemicals, and automotive components, which rely on petrochemical raw materials and intermediates. By reducing cost pressures on downstream industries, the government aims to maintain overall national supply stability and ultimately provide price relief for end-product consumers.

The list of goods eligible for the duty exemption includes Methanol, Anhydrous ammonia, Toluene, Styrene, Dichloromethane/methylene chloride, Vinyl chloride monomer, Poly butadiene, Styrene butadiene, and Unsaturated polyester resins.

In a statement on April 2, India's Ministry of Finance noted that the government decided to implement the full duty exemption in response to global supply chain disruptions caused by ongoing conflicts in the West Asia region. Tensions in the region have led to disruptions in major shipping routes, raising concerns over the stability of imports of fertilizers, crude oil, and natural gas—commodities for which India is a major importer—thus challenging the country's supply security.