New Delhi ,Feb 2 (KNS): Union Finance Minister Nirmala Sitharaman on Saturday presented the Union Budget 2025-26, outlining a vision for India’s economic growth with a strong emphasis on agriculture, MSMEs, investment, and exports. She highlighted that the Budget aims to accelerate development and drive India towards its goal of becoming a ‘Viksit Bharat’ (Developed India).
As part of the new tax measures, several essential goods will become cheaper due to reduced duties, while others may see price hikes due to increased tariffs. Notably, customs duty on 36 life-saving medicines has been exempted, making them more affordable. Other items set to become cheaper include carrier-grade internet switches, lithium-ion battery scrap, cobalt products, synthetic flavoring essences, and various marine and leather products. Additionally, the exemption on raw materials for ship manufacturing has been extended for another 10 years.Click Here To Follow Our WhatsApp Channel
Conversely, the government has raised duties on certain products, making them costlier. Interactive flat panel displays and knitted fabrics are among the items facing higher tariffs.
Last year, similar duty revisions led to significant price reductions for cancer medicines and mobile phones, along with cheaper imports of gold, silver, leather goods, and seafood. However, the government also increased customs duty on ammonium nitrate by 10% and imposed a steep 25% hike on non-biodegradable plastics to regulate their impact.
The Budget’s strategic tax revisions aim to boost key industries while maintaining fiscal balance, reinforcing India’s economic expansion in the coming year.(KNS)