Finance Minister Nirmala Sitharaman unveiled a series of reductions in customs duties as part of Budget 2024 and also announced which items are going to be costlier in financial year 2024-25.
Among the notable changes, customs duties on essential items such as cancer medicines and mobile phones have been substantially lowered, promising to bring down their retail prices and make them more accessible to the general public. This measure is expected to provide much-needed relief to patients requiring expensive cancer treatments and to consumers looking to purchase mobile devices and accessories.
Furthermore, the reduction in import duties extends to other key items, including gold, silver, and leather goods. These changes are anticipated to invigorate retail demand, particularly in the bullion market, while also addressing issues such as smuggling.
Here we are providing detailed information about what gets cheaper and what gets costlier after Union Budget 2024.
Items Getting Cheaper:
- Cancer medicines: Major reduction in customs duty, with 3 more cancer treatment drugs exempt from customs duty.
- Mobile phones, chargers, and other mobile parts: Basic customs duty reduced.
- Imported gold and silver: Import duties slashed to 6%.
- Platinum: Customs duty reduced to 6.4%
- Leather goods and seafood: Prices reduced due to lower customs duties.
- Ferro nickel and blister copper: Basic customs duties removed
- Capital goods for solar panel manufacturing: Expanded list of exemptions
- 25 critical minerals: Customs duties fully removed
- Shrimp and fish feed: Customs duty reduced to 5%
Items Getting Costlier:
- Ammonium nitrate: Customs duty increased by 10%
- Non-biodegradable plastics: Customs duty increased by 25%
- Telecom products: Basic customs duty on certain equipment raised from 10% to 15%
- Plastic products: Customs duty increased
Industry Impact:
- Gold and silver: Reduction in import duties expected to boost retail demand and help curtail smuggling.
- Global gold prices: Higher demand from India could support global prices but may increase India's trade deficit and affect the rupee.
List of Items That Will Cheaper and Costlier After Budget 2024
Here is the full list of items that will get cheaper and costlier in FY 2024-25:
What’s Costlier | What’s Cheaper |
| Cancer Medicine | Ammonium nitrate |
| Telecom products | Non-biodegradable plastics |
| Imported Gold and Silver | Mobile Phone and Mobile Parts |
| Platinum | Plastic products |
| Leather Goods | |
| Seafood | |
Ferro nickel and blister copper | |
Capital goods for solar panel manufacturing | |
25 critical minerals | |
Shrimp and fish feed |
Gold Rate After Budget 2024
Today, gold prices faced significant selling pressure following the announcement of the Union Budget 2024. Finance Minister Nirmala Sitharaman revealed a reduction in customs duty on gold and silver from 15 percent to 6 percent. This led to a sharp decline in gold prices. Gold prices after budget announcement 2024 is given below:
- Gold prices after budget: ₹71,010 per 10 grams
- Gold prices before budget: ₹74,000 per 10 grams
Immediately after budget 2024 announcements, gold prices plummeted and reached as low as ₹68,500 per 10 grams, a decrease of ₹4,218 in a single day's trading. Despite this, there was some buying activity later, which helped gold prices recover some of their losses on the day of the budget announcement.
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