The first budget of ‘Modi 3.0’ is poised to significantly impact India’s economic landscape, spanning various sectors from infrastructure development to social welfare programmes. On Tuesday, Finance Minister Nirmala Sitharaman unveiled her seventh Union Budget for the fiscal year 2024-2025.
Items Set to Become Cheaper
“Mobile phones and chargers will see a reduction in custom duty by 15%.” This decision will lower retail prices, making these essential gadgets more affordable for the general public. In addition to this, customs duties on cancer medicines will also be significantly reduced, providing much-needed relief to patients. The costs of imported gold, silver, leather goods, and seafood are expected to decrease as well.
The customs duty on gold and silver will be reduced to 6%, and the duty on platinum will be lowered to 6.5%. Furthermore, the government will exempt customs duty on 25 critical minerals, fostering growth in various industries.
The first budget of ‘Modi 3.0’ is expected to have a significant impact on India’s economic landscape, touching upon various sectors from infrastructure development to social welfare programs.
“Among the key changes anticipated are reductions in mobile phone prices, cheaper compressed gas, and measures to make housing more affordable.”
In the previous budget, the Finance Minister reduced import taxes on several components, including camera lenses, to boost mobile phone manufacturing in India. Additionally, the tax rate on lithium-ion batteries, crucial for phones and electric vehicles, was slashed to lower production costs.
Economic Outlook
According to the Economic Survey 2024, India’s GDP is projected to grow between 6.5% and 7% this year. Retail inflation has declined to 5.4% in 2023-24, down from 6.7% the previous year. The survey, presented by Finance Minister Nirmala Sitharaman on 22nd July 2024, emphasized the importance of the service sector and growth for the economy.
Continuing the trend from previous years, Budget 2024 will be delivered in a paperless format. An Interim Union Budget was presented on 1st February 2024 as the country prepared for general elections.
Overall, the upcoming budget holds promise for making some everyday items cheaper while addressing the expectations of various segments of society.
As the Finance Minister prepares to present the budget, all eyes will be on the potential changes and how they will shape the economic future of India.
Budget 2024 brings with it significant changes that promise to make daily essentials more affordable and boost various sectors of the economy. Stay informed about these developments and how they might affect you. For detailed insights and updates, keep following our coverage.
