Union Budget 2024: What Will Cost Cheaper and Costlier?

In the Union Budget 2024-25, Finance Minister Nirmala Sitharaman announced several changes that will affect the prices of various goods and services. Here’s a detailed look at what will become cheaper and what will cost more.

Items That Will Become Cheaper

1. Mobile Phones and Chargers: The Basic Customs Duty (BCD) on mobile phones and chargers has been reduced to 15%, making these essential gadgets more affordable.

2. Cancer Treatment Drugs: Three additional cancer treatment drugs have been exempted from customs duty, significantly reducing their cost.

3. Gold and Silver: Customs duties on gold and silver have been reduced to 6%, making these precious metals cheaper.

4. Platinum: The customs duty on platinum has been reduced to 6.5%3.
Seafood: Basic customs duty on certain brood stocks, shrimps, and fish feed has been reduced to 5%.

5. Solar Energy Parts: Customs duties on solar energy-related parts will not be extended, promoting renewable energy.

6. Footwear: Customs duty on manufacturing leather and footwear has been cut, making these products more affordable.

7. Critical Minerals: Twenty-five critical minerals will be exempted from customs duties, and the basic customs duty on two of them will be reduced.

8. Seafood: Basic customs duty on certain brood stocks, shrimps, and fish feed has been reduced to 5%.

Items That Will Become Costlier

Telecom Equipment: The 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%.

Impact on Consumers
The changes in customs duties are expected to have a mixed impact on consumers. While the reduction in duties on mobile phones, cancer drugs, and precious metals will make these items more affordable, the increase in duties on telecom equipment and non-biodegradable plastics may lead to higher costs in those sectors. Overall, the budget aims to balance affordability with the promotion of domestic manufacturing and sustainable practices.

In conclusion, the Union Budget 2024-25 brings a range of changes that will affect the prices of various goods and services. By understanding these changes, consumers can better plan their purchases and manage their expenses.