Industry bodies have welcomed the government’s decision to grant customs duty exemption on a wide range of critical petrochemical products.
Talking to the media, CEO of the Federation of Automobile Dealers Associations, Saharsh Damani, said that this is a pre-emptive step by the government, providing relief for the auto sector. He said that since many components rely on petrochemical inputs like plastics and polymers, the exemption may reduce disruption risks and contain cost pressures. Mr Damani added that this step could ensure steady availability of spares and consumables even amid global volatility.
Meanwhile, National President of Indian Drug Manufacturers Association, Dr. Viranchi Shah said that waiving import duties on key solvents and chemicals used in API and formulation manufacturing will help curb recent price escalation. He noted that this move by government will ensure the availability of affordable medicines across India.
