Industry bodies welcome government decision to cut customs duty on petrochemicals, cite benefits for medical devices sector

Industry bodies have welcomed the government’s decision to grant customs duty exemption on a wide range of critical petrochemical products, strengthening India’s healthcare manufacturing ecosystem.
 
Talking to the media, Chairman of the Export Promotion Council for Medical Devices (EPCMD-India), R S Kanwar, said exemption of customs duty on critical petrochemical products will ease inflationary pressure and stabilise supply chains. He added that the decision will also address rising raw material costs, ensuring the availability of essential materials for medical devices, pharmaceuticals, and packaging. 
 
Meanwhile, Forum Coordinator, Association of Indian Medical Devices Industry (AiMeD), Rajiv Nath, also welcomed the government for reducing customs duty, stating that the move will benefit the medical device industry. He added that the decision reflects the government’s proactive approach in addressing the impact of the ongoing war and rising inflationary pressures.