Budget 2024: Mobile phones, gold, silver get cheaper

These are the items that will become cheaper in the country after the Union budget 2024-25 is presented in Parliament today (July 23).

At the outset, with the major reduction in customs duty on cancer medicines and mobile phones, these two prices are all set to significantly go down in the market. The prices of imported gold, silver, leather goods and seafood will also become cheaper.

While presenting the budget 2024, Sitharaman said that the government will exempt 3 more cancer treatment drugs from customs duty.

The government is looking at making compressed gas cheaper, and is introducing measures to make housing more affordable.

Mobile phones

Mobile phones are all set to get cheaper as the finance minister has reduced the customs duty on mobile phones and its accessories by 15 per cent.

"I will also reduce basic customs duty on mobile phones, chargers and other mobile parts," Sitharaman had said. The mobile phone and related products industry has overall seen a three-fold jump in domestic production and almost 100-fold jump in exports.

Gold and silver

The customs duty on gold and silver has also been lowered to 6 per cent, while the duty on platinum has been reduced to 6.5 per cent.

"To enhance domestic value addition in gold and precious metal jewellery, I propose to reduce customs duties of gold and silver to 6 per cent," said the finance minister in Parliament today.The government will also exempt customs duty on 25 critical minerals.

Brood stocks, shrimps and fish feed

These items are also expected to become cheaper due to reduction in basic customs duty to 5 per cent.

Solar energy parts

The government proposes not to extend customs on solar energy-related parts.

Footwear

The government proposes to cut customs duty on manufacturing leather and footwear.