Last Thursday, India exempted imports of key petrochemical products from customs duties for three months, until June 30, providing relief to sectors such as pharmaceuticals, chemicals, and textiles, and helping to maintain supply stability amid the conflict in the Middle East, the Economic Times reported.
Lav Agarwal, Director General of Foreign Trade, said the government may further reduce import duties and regulate exports if required, in order to ensure sufficient domestic availability of essential products whose supplies have been constrained by the war. He noted that the authorities are reviewing potential duty reductions on critical raw materials and other essential goods.
The products granted temporary customs duty exemptions include methanol, anhydrous ammonia, toluene, styrene, dichloromethane (methylene chloride), vinyl chloride monomer, polybutadiene, styrene-butadiene, and unsaturated polyester resins.
