Here's a list of goods that became cheaper
Union finance minister Nirmala Sitharaman presented the Union Budget 2024 in Parliament focused on several areas including agriculture, manufacturing, and services sectors. Below is the list of things that became cheaper.
Cancer medicines- Exempted three cancer medicines from custom duties
Finance minister Nirmala Sitharaman announced a full customs duty exemption on three cancer drugs: Trastuzumab Deruxtecan, Osimertinib, and Durvalumab. Manufactured by AstraZeneca, these drugs are sold under the brand names Enhertu, Tagrisso, and Imfinzi, respectively. Enhertu costs around Rs 3 lakh per vial, Tagrisso is priced at Rs 1.51 lakh for 10 tablets, and Imfinzi is available for Rs 45,500 per vial. This move aims to make these essential cancer treatments more affordable. (Photo: ANI)
Mobile phones, chargers- Reduced BCD to 15% on mobile phones, PCBA and mobile chargers.
The government has reduced the basic customs duty on mobile phones, mobile printed circuit board assemblies (PCBA), and mobile chargers from 20% to 15%. This reduction aims to make smartphones more affordable for consumers, benefiting the 'Made In India' manufacturing sector. The decision follows substantial growth in domestic production and exports of mobile phones over the past six years, highlighting the success of India's manufacturing efforts in the technology sector. (Photo: PTI)
Precious metals- Reduced custom duty on gold and silver to 6% and platinum to 6.5%.
Gold and Silver prices are expected to come down after Union finance minister Nirmala Sitharaman announced a reduction in customs duties on gold and silver to 6% from 15% while presenting the Union Budget. Custom duty on platinum is also reduced to 6.4%. (Photo: Reuters)
Fish- Reduced BCD on fish feed and shrimp to 5%
Nirmala Sitharaman announced that the government will provide financial support for shrimp farming and marketing, and reduce the basic customs duty on shrimp to 5 percent. She highlighted that India's seafood exports reached an all-time high of Rs 60,000 crore in the last financial year, with frozen shrimp accounting for two-thirds of the total exports. (Photo: AI Lexica.art)
Minerals- Exempted custom duties on 25 critical minerals
Finance Minister Nirmala Sitharaman announced a complete customs duty exemption on 25 critical minerals in the Union Budget 2024-25. The exemption includes essential materials such as lithium, cobalt, and copper, which are vital for industries ranging from renewable energy to high-tech electronics. (Photo: Reuters)
X-ray tubes and flat panel detectors for use in medical X-ray machines
The finance minister also reduced customs duty on x-ray tubes and digital detectors, which are classified as medical devices. The medical devices sector in India is a sunrise sector. In 2022, the market size of this sector in India was estimated to be $11 billion, with the country holding a 1.5% share in the global medical device market. (Photo: AFP)
Solar cells and panel
Finance Minister Nirmala Sitharaman announced measures to expedite the transition from fossil fuels. She highlighted the positive response to the PM Surya Ghar Muft Bijli Yojana, introduced earlier this year, which promotes rooftop solar panel installation in up to 1 crore households through subsidies. (Photo: AFP)
Leather and Textile-BCD reduced on real down filling material from duck or goose
The government has reduced the customs duty on wet white, crust, and finished leather used in manufacturing leather/synthetic footwear from 10 percent to zero. Leather, a key raw material for manufacturers major footwear brands in India, that forms about half of overall costs. This reduction is expected to lower leather footwear prices by approximately 5 percent. (Photo: AFP)
Steel and Copper-Customs duty reduced on ferro nickel and blister copper
The finance minister said, “steel and copper are important raw materials. To reduce their cost of production, I propose to remove the BCD on ferro nickel and blister copper. I am also continuing with nil BCD on ferrous scrap and nickel cathode and concessional BCD of 2.5% on copper scrap. (Photo: Reuters)
Here's a list of goods that'll get expensive
Finance minister Nirmala Sitharaman unveiled her seventh Union Budget for the fiscal year 2024-2025, introducing a range of adjustments that will impact the prices of various goods. Here is a list of things that will get expensive. (Photo: Agencies)
Telecom goods- BCD increased from 10% to 15% on PCBA of specified telecom equipment
The government has proposed a 5% increase in import duty on motherboards, or printed circuit boards, in the Union Budget 2024-25 to support domestic telecom gear manufacturing. This increase in basic customs duty for telecom PCB assembly will be offset by exemptions on critical minerals used in communication equipment production. (Photo: Reuters)
PVC flex banners- Duty increased from 10 to 25 per cent
PVC flex banners are non-biodegradable and hazardous for environment and health. To curb their imports, I propose to raise the BCD on them from 10 to 25 per cent.”, said FM. (Photo: PTI)
PCBA (printed circuit board assembly) of specified telecom equipment- Duty increased from 10 to 15 per cent
Union finance minister Nirmala Sitharaman has proposed raising the basic customs duty (BCD) on printed circuit board assembly (PCBA) for specified telecom equipment from 10% to 15% to encourage domestic manufacturing. (Photo: Reuters)
Plastic goods- BCD raised from 10 to 25%
These items will see a hike in prices as the government has increase the customs duties for the same. The government has also increased customs duties to 25 per cent for non-biodegradable products. (Photo: ANI)
Ammonium Nitrate- Duty increased from 7.5% to 10%
Within Chemicals and Petrochemicals, BCD on ammonium nitrate increased from 7.5 to 10 per cent. (Photo: ANI)