India waives customs duty on key petrochemicals amid US–Iran conflict. Full list

E-PaperSubscribeSubscribeEnjoy unlimited accessSubscribe Now! Get features like The finance ministry has announced a full customs duty exemption on a wide range of critical petrochemical products to shield the domestic industry amid the raging US-Iran war. The exemptions will stay in place till June 30, 2026, the ministry said in a statement. Iran shut the Strait of Hormuz after it was attacked by Israel and US. (REUTERS)The move comes amid a war which has disrupted global supply chains, tightened shipping routes, and pushed up input costs for energy-linked industries worldwide. According to the Finance Ministry, the exemption is a temporary, targeted intervention to ensure uninterrupted availability of key petrochemical inputs and to contain inflationary pressures across sectors. The West Asia crisis - fuelled by rising tensions between the United States and Iran, threats to critical shipping lanes like the Strait of Hormuz, and sporadic strikes on energy infrastructure - has already begun impacting global trade flows. India, which relies heavily on imported petrochemical feedstock, is particularly vulnerable to such disruptions. The ministry said the move will support industries such as plastics, packaging, textiles, pharmaceuticals, chemicals, and automotive manufacturing, while also easing the burden on consumers. The exemption covers a broad spectrum of petrochemical feedstocks, intermediates, and polymers. Key items include: Petrochemicals are core industrial inputs, feeding into everything from plastic packaging and textiles to car parts, electronics, medicines, and fertilizers. Any spike in their cost quickly cascades into higher prices across the economy. By eliminating customs duties, the government aims to: The decision reflects growing concern over the economic fallout of the US–Iran conflict, which has: The exemption will remain in place until June 30, 2026, suggesting the government expects continued uncertainty in global markets in the near term. Follow the latest breaking news and developments from India and around the world with Hindustan Times' newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we've got you covered.Read More