Finance Minister Nirmala Sitharaman has announced to make many essential items cheaper in Budget 2025. In particular, it was said to reduce the tax on electric vehicles (EVs), which will now make it cheaper to buy electric vehicles. After the tax related announcement made by the Finance Minister in this budget, mobile phones, batteries, cancer medicines, leather jackets and many electronic devices will become cheaper.
What became cheaper?
Mobile phones: 28 items used in mobile phone battery production have been exempted from custom duty, which may reduce the prices of phones.
Medicines: Basic custom duty has been removed from 37 new medicines, which will reduce the cost of treatment, especially in the treatment of rare diseases.
Important medicines: Custom duty has been exempted on 36 life saving medicines, including cancer medicines.
Raw materials: Basic custom duty has been completely removed on cobalt products, LED, zinc, lithium-ion battery scrap and 12 other important minerals. This will reduce the production cost of various industries.
Shipbuilding: The exemption given on raw materials for shipbuilding has been extended for the next 10 years, so that this industry gets further boost.
Handicrafts: A new scheme has been launched to promote handicraft exports.
Leather: Basic custom duty on wet blue leather has been completely abolished, which will make leather products cheaper.
What all has become expensive?
Interactive flat panel display: Basic custom duty on interactive flat panel display has been increased from 10% to 20%, which will increase the prices of these products.
Economic Growth Projection
Furthermore, the Economic Survey report tabled in Parliament has projected India’s economic growth between 6.3% to 6.8% for 2025-26, which is a positive sign for the country’s economy.
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