India scraps import tax on petrochemicals: Govt may lose over $190 mn in revenue

 India has waived customs duties on 40 petrochemical products until June 2026, costing an estimated 18 billion rupees. This emergency measure aims to counter supply disruptions from the Middle East conflict, stabilize prices, and support key industries like plastics, pharmaceuticals, and textiles by ensuring raw material availability and reducing production costs. India has waived customs duties on 40 petrochemical products until June 2026, costing an estimated 18 billion rupees. This emergency measure aims to counter supply disruptions from the Middle East conflict, stabilize prices, and support key industries like plastics, pharmaceuticals, and textiles by ensuring raw material availability and reducing production costs.