Budget 2024: In her presentation of Budget 2024, Finance Minister Nirmala Sitharaman announced several significant changes in customs duties, impacting the prices of various goods. Here’s a breakdown of what's becoming cheaper and what will cost more.
Cheaper Goods:
Cancer Medicines: Customs duties on three additional cancer treatment drugs will be exempted, making these essential medicines more affordable.
Mobile Phones and Accessories: Basic customs duty on mobile phones, chargers, and other related parts will be reduced, lowering retail prices for these items.
Gold and Silver: Import duties on gold and silver will be cut to 6%. This reduction is expected to boost retail demand and may help reduce smuggling. However, increased gold demand could affect India’s trade deficit and impact the rupee.
Costlier Goods:
Ammonium Nitrate: Customs duty on ammonium nitrate will rise by 10%.
Non-Biodegradable Plastics: The duty on non-biodegradable plastics will increase by 25%. These measures are part of the first budget under the Modi 3.0 government, which aims to address various economic sectors, from infrastructure to social welfare.
Prime Minister Narendra Modi had indicated that the budget would be strong and impactful, and Finance Minister Sitharaman had earlier tabled the Economic Survey during the first day of the Monsoon Session in Parliament.
Andhra Pradesh Reorganisation Act: Government Pledges Financial Support and Infrastructure Development In her Budget, Finance Minister Nirmala Sitharaman has reiterated the government's commitment to fulfilling the promises made under the Andhra Pradesh Reorganisation Act. To support the state's capital needs, the government will facilitate special financial assistance through multilateral agencies, arranging Rs. 15,000 crore for the current fiscal year with additional funds expected in the future.
Addressing the issue of infrastructure development, Sitharaman emphasized that the funds will be allocated to enhance crucial infrastructure in Andhra Pradesh. This includes investments in water, power, railways, and roads to boost industrial development as outlined in the Reorganisation Act.
Additionally, the Finance Minister highlighted the importance of providing grants to underdeveloped regions of the state. Grants for the backward areas of Rayalaseema, Prakasam, and North Coastal Andhra will be made available as stipulated in the Act.
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