Finance Minister Nirmala Sitharaman has revealed a series of significant reductions in customs duties in her Union Budget 2024 speech, aimed at making various essential items more affordable for Indian consumers.
Among the key changes:
- Mobile Phones & Accessories: Customs duties reduced to 15%, which is expected to lower retail prices and boost the electronics sector.
- Gold & Silver: Duties cut to 6%, with platinum reduced to 6.4%. This move is likely to increase retail demand and help in controlling smuggling, although it might also impact India’s trade deficit and the rupee.
- Cancer Medicines: Three additional drugs now exempt from basic customs duties, providing relief to patients.
- Ferro Nickel & Blister Copper: Basic customs duties on these materials have been removed, aiding the manufacturing sector.
- Solar Panel Equipment: Expansion of the list of exempted capital goods used in solar panel production to support clean energy initiatives.
The Finance Minister’s announcement marks the first Union Budget 2024 of the Modi 3.0 government and is expected to influence various sectors, from infrastructure to social welfare. This comprehensive approach aims to address both economic growth and consumer relief.
Prime Minister Narendra Modi had previously assured that the Finance Minister would present a strong budget, with a focus on fulfilling the government’s commitments. The Economic Survey, tabled on the first day of the Monsoon Session, set the stage for these impactful announcements.
