New Delhi: Union Finance Minister Nirmala Sitharaman presented the Union Budget for the financial year 2024-2025 on Tuesday, highlighting significant changes affecting the cost of various items for consumers and industries.
Items that have seen a reduction in costs include mobile phones, mobile PCBAs and mobile chargers following substantial reduction in customs duty from the existing 20% to 15%. With a three fold increase in domestic production and almost 100 fold jump in exports of mobile phones over the last six years, the Indian mobile industry has matured. In the interest of consumers. I now propose to reduce the BCD (Basic Customs Duty) on mobile phone, mobile PCBA and mobile charger to 15%,” she said.
The budget has seen increases in costs for specific telecom equipment, with basic customs duties raised to 15% from 10%, and hikes in custom duties on plastic products.
Items that have become cheaper
- Cancer drugs: Three additional cancer treatment drugs have been exempted from customs duty
- Mobile devices: Basic customs duty on mobile phones and mobile chargers has been reduced to 15%
- Platinum: Customs duties on platinum have been reduced to 6.5%
- Gold and silver: Customs duties on gold and silver have been reduced to 6%
- Solar energy parts: The government proposes not to extend customs on solar energy-related parts
- Seafood: Basic customs duty on certain brood stocks, shrimps, and fish feed has been reduced to 5%
- Footwear: The government proposes to cut customs duty on manufacturing leather and footwear
- Ferronickel and blister copper
: Basic customs duty on ferronickel and blister copper has been removed - Critical minerals: Twenty-five critical minerals will be exempted from customs duties
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Items that have become costlier
- Telecom equipment: Basic customs duty on specified telecom equipment has been increased to 15% from 10%
- Ammonium nitrate: Customs duty on ammonium nitrate has been raised to 10%
- Non-biodegradable plastics: Customs duty on non-biodegradable plastics has been raised to 10%
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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.
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