Budget reduces costs of cancer medicines and phones

This measure aims to make life-saving treatments more accessible

The cost of imported leather goods and seafood is set to decrease

On Tuesday, Finance Minister Nirmala Sitharaman presented her seventh Union Budget for the fiscal year 2024-2025, introducing several measures aimed at reducing the prices of essential goods and boosting economic activity. Notably, the budget includes significant reductions in customs duties on various items, promising financial relief for consumers.

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One of the major announcements is the 15% reduction in customs duties on mobile phones and chargers. This move is expected to lower the retail prices of these widely used gadgets, making them more affordable for the general public.

In a further push to ease the burden on healthcare expenses, customs duties on cancer medicines will also see a significant reduction. This measure aims to make life-saving treatments more accessible and affordable for patients.

The budget brings good news for the luxury market as well. The customs duty on imported gold and silver will be lowered to 6%, and the duty on platinum will be reduced to 6.5%. These reductions are expected to decrease the cost of these precious metals, benefiting both consumers and the jewelry industry.

Additionally, the cost of imported leather goods and seafood is set to decrease, enhancing affordability and potentially boosting demand in these sectors.

In a strategic move to support various industries, the government has announced an exemption from customs duty on 25 critical minerals. This exemption is anticipated to encourage domestic production and innovation, fostering economic growth.

Overall, the budget’s focus on reducing customs duties reflects the government’s commitment to making essential goods more affordable, supporting healthcare, and stimulating economic activity across various sectors.