Union Finance Minister Nirmala Sitharaman’s budget for 2024 has been a focal point of attention, marking the first budget of the Modi government’s third term. The budget has introduced various measures aimed at addressing different sectors of the economy, with notable changes in the prices of everyday items and significant allocations for key schemes.
Price Reductions
Several items will see price reductions due to customs duty concessions. These include:
- Gold and Silver: Prices are expected to fall, with gold likely to decrease by ₹420 per gram.
- Cancer Drugs: Three cancer medications will be exempt from customs duty, providing relief to patients.
- Mobile Phones and Chargers: Prices will decrease, encouraging domestic production.
- Leather and Fabric: These materials will also see reduced prices.
- X-ray Tubes: Duty reductions are expected.
- Sandals: Prices are set to decrease.
- Excise Duty on Minerals: Waived on 25 minerals.
- Fisheries Sector: Tax relief provided.
Price Increases
Conversely, some items will become more expensive:
- PVC Pipes and Plastics: Increased duty.
- Banners: Duty on flux for banners raised from 10% to 25%.
- Solar Panels and Cells: No extension of duty exemption.
- Ammonium Nitrate: Increased cost.
- Telecom Equipment: Higher prices expected.
Major Announcements
A significant allocation of ₹2 lakh crore has been made for five key schemes focusing on the middle class and youth skilling over the next five years. This initiative underscores the government’s commitment to addressing the needs of these vital demographics.
Sector-Specific Reliefs
The budget has provided targeted reliefs to various sectors:
- Cancer Treatment: Exemption from customs duty for three cancer drugs offers hope to patients and the healthcare sector.
- Technology and Manufacturing: Reduced import duty on components like camera lenses aims to boost domestic production, following last year’s budget measures.
Criticisms and Praises
While some leaders have praised the budget for its futuristic vision and support for key projects, others have criticized it for not adequately addressing the needs of their states or constituencies. The varied reactions highlight the complex and multifaceted impact of the budget on India’s diverse population.
Budget 2024 represents a blend of relief measures and strategic investments aimed at fostering growth and addressing pressing issues. As always, the real impact will be seen in the implementation and reception of these measures by the public and industry alike.
