Union Finance Minister Nirmala Sitharaman presented the Budget 2024-25 in the parliament earlier today. In this budget, there will be a reduction in the prices of a few goods.
The rates of mobile phones and a few medicines which are used to treat cancer would become cheaper due to the reduction in the Basic Customs Duty(BCD).
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The BCD will be reduced not only for mobile phones but also for Printed Circuit Boards (PCBs) and chargers. This was termed to be a welcome decision for the ‘Make In India’ initiative. Reportedly, the decision has been taken after considering the substantial growth in the domestic production and exports of mobile phones.
The government decided to reduce BCD on three medicines which are used in the treatment of cancer, resulting in the reduction of their retail price.
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The government announced a 6% reduction in customs duty on gold and silver. Due to this, the market demand for these items is expected to increase and would also help curb the smuggling of these items. Nirmala Sitharaman announced a 6.5% reduction in customs duty on platinum as well.
The government reduced BCD by 5% on shrimp and other seafood items. The BCD was also reduced for leather, footwear and minerals such as ferronickel and blister copper.
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On the other side, the government decided to increase import duty on motherboards by 5% which may increase a few telecom products.
The customs duty on Ammonium Nitrate and non-biodegradable products has been increased, which may lead to higher prices for products made with these materials.
