Budget 2024: What's getting cheaper and what's getting costlier?
PTC News Desk: Today, Nirmala Sitharaman, the Finance Minister, announced a large reduction in customs duty on mobile phones and cancer treatments. This will result in a huge drop in their retail pricing. Seafood, leather products, gold, and silver imports will all decrease in price.
"Three more cancer treatment medications will be free from customs duty by the government. In addition, I will lower the basic customs duty on cell phones, chargers, and other mobile components," Ms. Sitharaman declared in the parliament during the introduction of Budget 2024.
Slashing import levies on gold and silver to 6 per cent, Ms. Sitharaman's action is expected to increase retail demand and reduce smuggling in the second-largest bullion consumer in the world, according to industry officials.
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Increased Indian demand for gold might help keep prices in the world from falling further, even if it would also put more pressure on the already weak rupee and widen India's trade imbalance.
However, the government plans to increase the customs charge on non-biodegradable plastics by 25% and on ammonium nitrate by 10 per cent. The first budget of the Modi 3.0 government is anticipated to have a big impact on the Indian economy, addressing everything from social welfare initiatives to infrastructure development.
Yesterday, Prime Minister Narendra Modi declared that the Finance Minister would propose a robust budget and guarantee that the promises made by the administration would be realised by the average citizen. The Economic Survey was presented to Parliament by Nirmala Sitharaman yesterday, the first day of the Monsoon Session of Parliament.
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- With inputs from agencies
