Finance Minister Nirmala Sitharaman has unveiled a series of customs duty exemptions and reductions in the latest Budget 2024 announcement.
Sitharaman revealed that three more essential medicines for cancer treatment will now be exempt from customs duties, providing crucial relief for patients. This initiative is part of a broader strategy to support the healthcare sector.
Additionally, the Finance Minister proposed changes to the Basic Customs Duty (BCD) on medical X-ray equipment, including X-ray tubes and flat panel detectors. These adjustments aim to align with domestic manufacturing capacities and improve medical imaging technology.
In response to the growing mobile manufacturing sector in India, Sitharaman also announced a reduction in BCD for mobile phones, mobile phone chargers, and mobile PCDA to 15%. This cut is expected to foster increased local production and make mobile devices more affordable.
Further supporting the domestic mineral sector, the Budget 2024 includes a full customs duty exemption for 25 critical minerals. Additionally, the BCD on two of these minerals will be lowered to enhance the processing and refining industries.
To advance the country’s clean energy goals, Sitharaman has expanded the list of capital goods exempted from customs duties for use in solar cells and panels. This move is designed to encourage investment in renewable energy infrastructure and facilitate the transition to cleaner energy sources.
These measures are part of a broader effort to support healthcare, boost domestic production, and promote sustainable energy solutions in India.