40 petro products exempted from customs duty for 3 months

NEW DELHI: The Centre on Thursday stepped in with fresh measures to help industry beat the impact of higher input costs by fully exempting 40 petrochemical products from customs duty for three months, while indicating that more measures are in the offing as the war in West Asia has hurt global trade and economy.

“The exemption is expected to benefit a wide range of sectors dependent on petrochemical feedstock and intermediates, including plastics, packaging, textiles, pharmaceuticals, chemicals, automotive components and other manufacturing segments,” the finance ministry said in a statement.

More steps in pipeline to tide over West Asia crisis: Goyal

The move followed a meeting of the extended cabinet committee on security late Wednesday, where “emerging challenges in various other sectors such as agriculture, civil aviation, shipping and logistics were also discussed," an official release had said.

“Some more decisions are on the anvil, (they) are under consideration at different levels and different ministries,” commerce and industry minister Piyush Goyal said, days after the government announced enhanced insurance cover for exporters, while the RBI eased norms. Among the possible steps being examined is some support for freight as rates have shot up due to higher insurance premiums and longer shipping routes.

The road transport and highways ministry stepped in to offer relief to developers hit by a nearly 40 per cent

increase in bitumen prices and 20% spike in commercial diesel cost. It eased the payment rules along with a provision to compensate the contractor for an increase in raw material prices for three months or till the global situation improves. The compensation for higher costs will be calculated every month, factoring in the change in the price of materials.

Highway agencies will release payments monthly for work done instead of the earlier practice of payment linked to construction milestones. Officials said the government is also in talks with oil marketing companies to ensure there is no shortage of bitumen. Of the 85 lakh tonne of annual bitumen consumption, 30 lakh tonne is imported.

Oil refiners will divert certain quantities of C3 and C4 streams — propene, butane, propylene and butene — from LPG to critical sectors such as pharmaceuticals, chemicals and petrochemicals.

Goyal said that with the government taking significant steps, India has remained largely insulated from the impact of war on trade and the global economy.
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