India extends customs duty exemption on petrochemical imports until July 15

NEW DELHI, June 30. /TASS/. The Indian government has extended the zero customs duty on critical petrochemical imports until July 15 to ensure supply stability amid the crisis in the Middle East, the country's Finance Ministry announced.

The customs duty waiver for approximately 40 types of critical petrochemical products was introduced on April 2 as a temporary, targeted support measure. It was scheduled to expire on June 30.

In a notification published on Tuesday, the Indian Finance Ministry announced that the preferential regime will remain in effect until July 15.

As the ministry stated, "the exemption is expected to benefit a wide range of sectors dependent on petrochemical feedstock and intermediates, including plastics, packaging, textiles, pharmaceuticals, chemicals, automotive components, and other manufacturing segments."

Announcing the introduction of the incentives on April 2, the ministry explained that the decision was made in view of the ongoing conflict in the Middle East and the resulting disruptions to global supply chains. The ministry noted that this step is aimed at ensuring domestic companies' access to critical petrochemical feedstocks, reducing price pressure on processing industries, and maintaining supply stability. It also emphasized that the removal of duties will benefit end consumers of the products.