New Delhi- Finance 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. Imported gold, silver, leather goods and seafood will also get cheaper.
“The government will exempt 3 more cancer treatment drugs from Customs duty. I will also reduce basic customs duty on mobile phones, chargers and other mobile parts,” Sitharaman said while presenting Budget 2024 in the parliament.
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.
Higher demand for gold from India could support global prices, which hit a record high earlier this year, although that could increase India’s trade deficit and weigh on the ailing rupee.
On the other hand, the government will raise customs duty on ammonium nitrate by 10% and by 25% on non-biodegradable plastics.
This is the first budget of the Modi 3.0 government and is expected to have a significant impact on India’s economic landscape, touching upon various sectors from infrastructure development to social welfare programs.
Prime Minister Narendra Modi yesterday had said that the Finance Minister will present a strong budget, adding that he will ensure that the government’s guarantees reach the common man. Nirmala Sitharaman yesterday – on the first day of the Monsoon Session of Parliament – tabled the Economic Survey in Parliament.
The following is a list of items set to become cheaper and costlier.
a) Cheaper:
Gold bar and dore
Silver bar and dore
Platinum, Palladium, Osmium, Ruthenium and Iridium
Coins of precious metals
Platinum and Palladium used in the manufacture of noble metal solutions, noble metal compounds and catalytic convertors
Cancer Drugs – Trastuzumab Deruxtecan, Osimertinib, Durvalumab
Medical Equipment –
All types of polyethylene for use in manufacture of orthopaedic implants
X-ray tubes for use in manufacture of X-ray machines for medical, surgical, dental or veterinary use
Flat panel detectors (including scintillators) for use in manufacture of X-ray machines for medical, surgical, dental or veterinary use
Imported cellular mobile phone
Charger/Adapter of cellular mobile
Printed Circuit Board Assembly (PCBA) of cellular mobile phone
Specified capital goods for use in manufacture of solar cells or solar modules, and parts for manufacture of such capital goods
Shea nuts
Fish lipid oil for use in manufacture of aquatic feed
Crude fish oil for use in manufacture of aquatic feed
Natural Graphite
Natural sands of all kinds
Quartz
Critical Minerals
Lithium carbonates
Lithium oxide and hydroxide
Nitrates of potassium
Steel Sector – Ferro Nickel and Blister Copper
Textile and Leather Sector – Methylene Diphenyl Di-isocyanate (MDI) for use in the manufacture of Spandex Yarn
b) Costlier
Poly vinyl chloride (PVC) flex films (also known as PVC flex banners or PVC flex sheets)
Garden umbrellas
Laboratory chemicals
Solar glass for manufacture of solar cells or solar modules
Tinned copper interconnect for manufacture of solar cells or solar modules.
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