Industry bodies have welcomed the government’s decision to reduce customs duty on petrochemicals, describing it as a move that will lower input costs and boost competitiveness across multiple sectors. The announcement is expected to provide significant relief to manufacturers who rely heavily on petrochemical imports.
Associations representing the medical devices sector highlighted that the duty cut will directly benefit their industry, as petrochemicals are a key raw material in the production of medical equipment and consumables. Lower costs are likely to improve affordability and support domestic manufacturing under the Make in India initiative.
Industry leaders noted that the reduction in customs duty will also strengthen India’s position in global supply chains by making locally manufactured products more cost-effective. They emphasized that the measure will encourage investment, innovation, and expansion in downstream industries.
The government’s move comes at a time when manufacturers have been facing rising input costs due to global market fluctuations. By easing the burden, the decision is expected to enhance productivity and support economic growth.
Stakeholders across sectors reiterated that the customs duty cut is a timely intervention that will not only benefit medical devices but also positively impact plastics, textiles, and other industries dependent on petrochemical inputs.
