February 1, 2025
1 min read

What’s Getting Cheaper and What’ll Cost You More

The budget aims to lower costs for key industries while boosting local production, but some imports will now come at a higher price.

For most people, the biggest takeaway from the Union Budget is simple—what gets cheaper and what burns a bigger hole in the pocket. This year is no different, as Finance Minister Nirmala Sitharaman’s first full budget of the Modi government’s third term brings a series of changes to basic customs duties (BCD), impacting everyday essentials and manufacturing.

What’s Getting Cheaper?

  • Lifesaving Medicines – 36 more drugs for cancer, rare diseases, and chronic conditions now fully exempt from customs duty. Six others will attract a lower 5% duty.
  • Critical Minerals – Cobalt powder, lithium-ion battery scrap, lead, zinc, and 12 other essential minerals now duty-free to boost local manufacturing.
  • TV Components – Open Cell parts for LCD/LED TVs now exempt from duty to encourage domestic production.
  • Lithium-Ion Battery Manufacturing – 35 capital goods for EV batteries and 28 for mobile phone batteries added to the duty-free list.
  • Shipbuilding & Shipbreaking – Duty exemptions on raw materials extended for another ten years.
  • Railway Maintenance – Duty relief extended to railway maintenance, repair, and overhaul services.
  • Telecom Equipment – Carrier Grade ethernet switches now attract a lower 10% customs duty, down from 20%.
  • Handicrafts & Leather – Longer export timelines for handicrafts, plus duty exemptions on Wet Blue leather and removal of 20% export duty on crust leather.
  • Seafood Exports – Customs duty on frozen fish paste (Surimi) slashed from 30% to 5%, and fish hydrolysate duty reduced from 15% to 5%.

What’ll Cost More?

  • Knitted Fabrics – Duty hiked to 20% or ₹115 per kg, whichever is higher.
  • Smart Displays – Interactive Flat Panel Display (IFPD) duty doubled from 10% to 20%.

The budget aims to lower costs for key industries while boosting local production, but some imports will now come at a higher price.

Previous Story

INDIA BUDGET 2025: Giant Tax Relief For Middle Class

Next Story

Cities as Growth Hubs: 1L Cr Urban Challenge Fund

Latest from -Top News

India invites Rishi Sunak to its AI summit in 2026

India to host world’s first Global South AI summit in 2026, with Ashwini Vaishnaw inviting Rishi Sunak to join global talks on responsible, inclusive artificial intelligence. India’s Union Minister for Electronics and

Kerala CM, Bahrain Deputy PM discuss boosting ties

Chief Minister Pinarayi Vijayan’s Bahrain visit deepens Kerala’s engagement with the Gulf, focusing on trade, investment, and diaspora welfare as both sides reaffirm shared interests in development and cultural exchange. Kerala Chief

Kerala CM begins Gulf tour

Kerala CM Pinarayi Vijayan begins Gulf tour in Bahrain, engaging expatriate community and promoting welfare initiatives for NRKs, strengthening diaspora ties and showcasing Kerala’s development achievements….reports Asian Lite News Kerala Chief Minister

Delhi Dismisses Trump’s Oil Claim

India’s foreign ministry says it is “not aware” of a phone call in which Donald Trump claimed Narendra Modi agreed to halt Russian oil purchases…reports Asian Lite News India’s foreign ministry has
Go toTop

Don't Miss

BUDGET 2024: What Becomes Cheaper And What’s Costlier?

The Finance Minister announced a reduction of customs duty on

Sitharaman to present Union Budget on July 23

The government on Saturday announced the dates of the budget