India slashes tax on petrochemicals amid Iran war

• India exempts customs duty on petrochemicals until June 2026.
• The move benefits sectors like plastics, pharma, and auto components.
• Consumers are expected to see relief due to the duty cut, ministry states.

New Delhi: Amid the West Asia conflict, the Government of India exempted customs duty on key petrochemical products till June 30, 2026, Finance Ministry

said on Thursday.

Import duty was cut to benefit plastics, packaging, textiles, pharma, chemicals, auto components sectors and provide relief to consumers, the ministry said.