What does Union Budget 2024, presented by Nirmala Sitharaman, mean for consumers, job seekers? 10 points

Jul 23, 2024 01:36 PM IST

Union Budget 2024: Finance minister Nirmala Sitharaman unveiled on Tuesday plans to raise spending to create jobs and provide relief to the middle class. In her record seven consecutive Union Budget presentation, Nirmala Sitharaman announced reduction of basic customs duty (BCD) on mobile phones, mobile chargers, gold, silver and others.

For the domestic mobile phone industry, the reduced BCD is likely to enhance competitiveness and encourage further investments. Manufacturers can benefit from lower import costs for essential components, thereby improving their production efficiency and profit margins.

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The government will focus on employment, skilling, small businesses and the middle class in the fiscal year through March 2025, Finance Minister Nirmala Sitharaman said in her budget speech Tuesday. She announced a number of employment-linked incentives for businesses to help spur jobs. Follow Live Updates on market

Union Budget 2024: What does it mean for consumers?

1. Nirmala Sitharaman announced reduction of BCD on mobile phones, mobile chargers to 15 per cent.
2. Customs duty on gold and silver has been reduced to 6 per cent and that of platinum to 6.4 per cent.
3. Three cancer treatment medicines exempted from basic customs duty.
4. The finance minister also proposed to expand list of exempted capital goods used in manufacturing of solar panels.
5. She also announced removal of basic customs duty on ferronickel, blister copper, while increasing the same to 15 per cent from 10 per cent on specified telecom equipment.
6. She also announced an import duty exemption for 25 critical minerals, including lithium. India has been exploring ways to secure supplies of lithium, a critical raw material used to make electric vehicle batteries.
7. On the other hand, Nirmala Sitharaman said the government will raise customs duty on ammonium nitrate to 10 per cent and 25 per cent on non-biodegradable plastics.
8. Traditional artisans will sell products in international markets, she said.
9. The Union Budget 2024 proposed to allocate ₹2 lakh crore for job creation over five years.
10. The government will launch three schemes for employment-linked incentives.

(With inputs from agencies)