One of the notable aspects of this year’s budget is the significant shift in customs duties, aimed at benefiting both consumers and industries Union Budget 2025: Union Finance Minister Nirmala Sitharaman on Saturday presented the much-anticipated Union Budget for 2025-26, laying out a comprehensive roadmap for India's continued economic growth and global competitiveness. As the government seeks to transform India into a "Viksit Bharat" (developed India), the budget focuses heavily on key sectors such as agriculture, MSMEs (Micro, Small, and Medium Enterprises), investment, and exports. One of the notable aspects of this year’s budget is the significant shift in customs duties, aimed at benefiting both consumers and industries while addressing public health concerns.
FM Nirmala Sitharaman outlined several measures where prices on selected goods will decrease, while others will become more expensive due to increased duties or the introduction of new taxes. What's getting cheaper? In a move that is expected to provide relief to various sectors, the government has proposed reductions in customs duties for several key products. Here’s a list of what will get more affordable: Carrier Grade Internet Switches: These critical components will be cheaper, benefiting the IT and telecommunications sectors.
36 Life-Saving Medicines: To ensure better access to healthcare, customs duties on 36 life-saving medicines will be exempted, lowering costs for treatment options. Scrap of Lithiu.