Industry bodies welcome govt’s decision to grant customs duty exemption on critical petrochemical products

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 general manager for Policy and Strategic Affairs with Involution Healthcare Private Limited, Ravi Rathod said that the decision to grant full customs duty exemption on several petrochemical inputs will ensure manufacturing continuity and prevent price hikes in essential medical devices.
Mr Rathod said that the decision will not only help in stabilising rising input costs for the industries but will also offer them immediate relief. Meanwhile, Chairman of Victora tools, S S Banga, termed the exemptions as a major boost and said that the step will ease input costs, improve availability, and support domestic as well as export markets. He added that the measures are expected to stabilise industries and safeguard India’s exports during the current crisis, along with logistics and financial support.