India last Thursday exempted imports of critical petrochemical products from customs duty for three months till June 30, giving relief to sectors such as pharmaceuticals, chemicals, and textiles, and helping ensure supply stability amid Middle East conflict, as the Economic Times reported.
The government could also reduce import duties and regulate exports if necessary to ensure adequate domestic supplies of essential products whose availability is restricted by the war, said Lav Agarwal, Director General of Foreign Trade.
He said the government is examining reducing import duties on critical raw materials and other essential goods.
Goods which received the customs duty exemption included methanol, anhydrous ammonia, toluene, styrene, dichloromethane (methylene chloride), vinyl chloride monomer, poly butadiene, styrene butadiene, and unsaturated polyester resins.
