Budget 2024: What will get expensive? Take a look at list of items which will get cheaper
Finance Minister Nirmala Sitharaman presented her seventh Union Budget for the fiscal year 2024-2025 on Tuesday. The things that will get cheaper after the budget 2024 are mobile phones, chargers after a reduction of 15% custom duty.
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FollowFinance Minister Nirmala Sitharaman today announced a major reduction in customs duty on cancer medicines and mobile phones, which will significantly bring down their prices in the retail market. Additionally, the cost of imported gold, silver, leather goods, and seafood is also expected to decrease.
"Three additional cancer treatment medications will be free from customs tax by the government. In addition, I will lower the basic customs duty on cell phones, chargers, and other mobile components," Sitharaman declared in the parliament during the introduction of Budget 2024.
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Sitharaman slashes import duties on gold and silver to 6%, a move that industry officials say could boost retail demand and help in curtailing smuggling in the world's second-biggest bullion consumer.
Items that have become cheaper:
- Duty cut on mobiles and accessories to 15 per cent.
- Customs duty on gold and silver to be reduced to 6%, platinum to 6.4%.
- Three cancer treatment medicines exempted from basic customs duty.
- Govt removes Basic Customs Duty on ferro nickle, blister copper.
- FM proposed to expand list of exempted capital goods used in the manufacturing of solar panels.
- Govt proposes to cut customs duty of manufacturing leather and footwear.
- Basic customs duty on certain brood stocks, shrimps and fish feed to be reduced to 5%.
Items that have become costlier:
- Govt increases basic customs duty to 15% from 10% on specified telecom equipment.
- Customs duty on non-biodegradable plastics to be raised to 10%
- Customs duty on ammonium nitrate to be raised to 10%
According to the Economic Survey 2024, India's GDP is expected to grow between 6.5% and 7% this year. Retail inflation has also declined to 5.4% in 2023-24, down from 6.7% the previous year. The survey, presented by Finance Minister Nirmala Sitharaman on July 22, 2024, highlighted the importance of service and growth for the economy.
