Special Correspondent
New Delhi: In a bid to ease the financial burden on households and boost affordability of critical goods, Union Finance Minister Nirmala Sitharaman announced sweeping duty cuts and tax reforms in the Union Budget 2024. Key items such as cancer drugs, consumer electronics, and electric vehicles (EVs) are set to see significant price reductions, while middle-class taxpayers will benefit from simplified income tax rules.
–mHealthcare Relief: Customs Duty Exemption on Life-Saving Drugs*
36 critical medicines used for treating cancer and other serious diseases will be fully exempted from basic customs duty.
-6 additional essential drugs will see customs duty slashed to *6%*, down from previous rates.
– The move aims to make life-saving treatments more accessible and affordable for patients.
Consumer Electronics and EVs to See Price Drops*
– *Mobile phones, LED/LCD TVs, leather goods, and EV components* will become cheaper due to revised duty structures and domestic manufacturing incentives.
– *Mobile phone batteries* and *locally manufactured TV parts* will also see cost reductions, boosting India’s “Make in India” push.
– The government emphasized that lower prices will enhance affordability and drive demand in key sectors.
