India, April 2 -- The finance ministry has announced a full customs duty exemption on a wide range of critical petrochemical products to shield the domestic industry amid the raging US-Iran war. The exemptions will stay in place till June 30, 2026, the ministry said in a statement.

The move comes amid a war which has disrupted global supply chains, tightened shipping routes, and pushed up input costs for energy-linked industries worldwide.

According to the Finance Ministry, the exemption is a temporary, targeted intervention to ensure uninterrupted availability of key petrochemical inputs and to contain inflationary pressures across sectors.

The West Asia crisis - fuelled by rising tensions between the United States and Iran, threats t...