India extends 0 customs duty on nearly 40 essential petrochemicals
India just gave manufacturers a bit more breathing room by extending zero customs duty on nearly 40 essential petrochemicals until July 15.
This move, first rolled out in April to tackle supply chain hiccups from the West Asia conflict, was set to end on June 30 but now sticks around to help keep costs down and supplies steady for local industries.
Extension lowers input costs for manufacturers
This extension is a win for sectors like plastics, packaging, textiles, pharmaceuticals, chemicals, and auto parts, all of which rely on imports of materials like methanol, styrene, vinyl chloride monomer, polybutadiene, and anhydrous ammonia.
By lowering input costs and shielding these industries from global disruptions, the government hopes to keep production lines running smoothly through uncertain times.