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," Ms Sitharaman said while presenting Budget 2024 in the parliament.
Ms 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.