Page 51 - Plastics News - April 2026
P. 51
FEATURE NEWS
KEY PETROCHEMICAL PRODUCTS GET 3
MONTH IMPORT DUTY RELIEF
ew Delhi: India Thursday exempted im- ued availability of critical petrochemical inputs
ports of critical petrochemical products for domestic industry, reduce cost pressures on
Nfrom customs duty for three months till downstream sectors, and safeguard supply sta-
June 30, giving relief to sectors such as phar- bility in the country," according to a finance min-
maceuticals, chemicals, and textiles, and helping istry statement. This would also provide relief to
ensure supply stability amid the West Asia con- consumers of final products, it said.
flict.
Goods which received the customs duty exemp-
The government could also reduce import duties tion include methanol, anhydrous ammonia, tolu-
and regulate exports if necessary to ensure ad- ene, styrene, dichloromethane (methylene chlo-
equate domestic supplies of essential products ride), vinyl chloride monomer, poly butadiene,
whose availability is restricted by the war, said styrene butadiene, and unsaturated polyester
Lav Agarwal, Director General of Foreign Trade. resins. Disruptions in shipping routes due to the
He said the government is examining reducing war has sparked concerns of continued imports
import duties on critical raw materials and other of fertiliser, crude oil, and natural gas. India is a
essential goods. major importer of fertilisers and petroleum.
Sanjay Mangal, Central Board of Indirect Taxes Global crude prices have surged nearly 50%
and Customs member for tax policy said the since the US and Israel launched military strikes
tax cuts will cost the exchequer about Rs 1,800 against Iran on February 28, triggering sweeping
crore but would help ensure price stability, con- retaliation from Tehran.
tinuity in production and supply chain. Sectors
dependent on petrochemical feedstock and in- The government had last week cut excise duty
termediates such as plastics, packaging, textiles, on petrol and diesel by `10 a litre as it looked to
pharmaceuticals, chemicals, automotive compo- shield consumers from the impact of rising crude
nents, and other manufacturing segments will prices. It also imposed an export duty of `21.5
benefit from the duty exemption. per litre on diesel and `29.5 per litre on jet fuel.
Source – The Economic Times
"This measure has been taken as a temporary
and targeted relief in order to ensure contin-
April 2026 PLASTICS NEWS 53
