Union Budget 2024: Big Price Cuts on Gold, Silver, Mobile Phones, and Cancer Medicines
Finance Minister Nirmala Sitharaman announced significant reductions in customs duties on cancer drugs and mobile phones today, leading to a substantial decrease in their market prices.
New Delhi: Finance Minister Nirmala Sitharaman announced significant reductions in customs duties on cancer drugs and mobile phones today, leading to a substantial decrease in their market prices.
Three cancer drugs, Trastuzumab Deruxtecan, Durvalumab, and Osimertinib, will become more affordable. Additionally, the customs duty on mobile phones and mobile chargers will be cut by 15%.
Presenting the 2024 budget, the finance minister stated that the government would grant customs duty exemptions on these three cancer drugs. Basic customs duties on mobile phones, chargers, and other mobile parts will also be reduced. Imported gold, silver, leather goods, and seafood will become cheaper as well.
The reduction of customs duty on gold and silver by 6% is expected to significantly boost retail demand. The finance minister also proposed a 6.5% reduction in customs duty on platinum and a 5% reduction on seafood, including shrimp and fish feed.
For salaried individuals, the finance minister announced tax relief for 40 million salaried employees. The standard deduction limit under the new tax regime has been increased from ₹50,000 to ₹75,000. Family pension deduction has been raised from ₹15,000 to ₹25,000.
According to PTI, gold, silver, other precious metals, imported mobile phones, certain cancer drugs, and medical devices will become cheaper. However, some items like garden umbrellas and laboratory chemicals will become more expensive.
The finance minister, on Tuesday, also announced income tax relief for the middle class, an allocation of ₹2 lakh crore for employment-generating schemes over the next five years, and significant spending in states ruled by her party’s allies. This was the first budget presented by the Modi 3.0 government after the Lok Sabha elections.
In her seventh consecutive budget, Nirmala Sitharaman allocated ₹2.66 lakh crore for rural development. To boost economic growth, ₹11.11 lakh crore will be spent on long-term infrastructure projects. The angel tax for all investors in startups has been abolished, customs duties on mobile phones and gold have been reduced, and capital gains tax has been simplified. However, the Securities Transaction Tax (STT) on promised trades has been increased.
The finance minister announced the allocation of ₹2 lakh crore over five years to provide employment, skills, and other opportunities to 41 million young people. Additionally, ₹1.48 lakh crore has been set aside for education, employment, and skills development.
For Bihar, which is set to hold assembly elections next year, the finance minister announced the expenditure of ₹60,000 crore on infrastructure projects, including expressways, power plants, heritage corridors, and new airports.
The ruling party in Bihar, Janata Dal (United), an ally of the BJP at the center, has been demanding an economic package and special status for the state. The support for Bihar will come in the form of capital projects, not subsidies or cash handouts.
Similarly, for Andhra Pradesh, where the ruling Telugu Desam Party recently joined the BJP-led NDA, ₹15,000 crore in financial aid has been allocated. The standard deduction for the middle class has been increased, and companies will be incentivized to boost employment.
New employees will receive a one-month salary as part of the incentives. This year’s budget allocates ₹1.52 lakh crore for the agriculture sector and provides assistance for the construction of 3 crore affordable homes in urban and rural areas. Small and medium businesses will receive loans, with the limit for small loans increased to ₹20 lakh.
