On June 30, the government has extended zero custom duty on the import of about 40 essential petrochemical products for 15 days. Now this relief will remain applicable till July 15. This step has been taken to provide stability to domestic industries amidst the disruptions in the global supply chain due to the ongoing conflict in West Asia and Iran war. This full custom duty exemption was first introduced on April 2 as a temporary relief measure. Earlier it was to end on June 30, but on Tuesday the Finance Ministry decided to extend this exemption till July 15. Many sectors including plastics, pharma and textile will benefit. This decision of duty waiver will directly benefit those industries which are dependent on petrochemical feedstock and intermediates. These include plastics, packaging, textiles, pharmaceuticals, chemicals, automotive components and other manufacturing sectors. This step of the government will reduce the cost pressure on these downstream sectors. There is a disruption in the supply chain due to the West Asia crisis. Exemption will be available on 40 items including these 9 major products. The major petrochemical products under the scope of custom duty exemption include Methanol, Anhydrous Ammonia, Toluene, Styrene, Dichloromethane (Methylene Chloride), Vinyl Chloride Monomer, Polybutadiene, Styrene-Butadiene and Unsaturated Polyester Resins. Concerns over import of crude oil, natural gas and fertilizers: The disruptions in maritime shipping routes due to the ongoing conflict in West Asia have increased India’s concerns. Due to this crisis, there is a possibility that India’s imports of fertilizers, crude oil and natural gas will be affected. It is noteworthy that India is a big importer of both petroleum products and fertilizers. What are petrochemicals and downstream sectors? Also read this news… 8.2% interest will be available on Sukanya and 7.1% interest on PPF: No change in the interest rates of small savings schemes, interest rates stable for the 10th consecutive quarter. The government did not make any change in the interest rates of small savings schemes like Public Provident Fund (PPF), Post Office FD, Sukanya Samriddhi Yojana (SSY) for the July-September quarter i.e. the second quarter of the financial year 2026-27. Is. This is the 10th consecutive quarter when there has been no change in interest rates. The government last increased interest rates in December 2023. Read the full news…
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Zero custom-duty on import of petrochemicals extended till July 15: Government gave relief on more than 40 products; decided to maintain supply
