How will the new budget affect our lives. We know what is more expensive. What will be less expensive. Read on.
The government has made 36 life-saving medicines, including those used against cancer and rare disease, more affordable. They’re now completely free from duty (BCD or Basic Customs Duty). And guess what? 6 more medicines will only be charged a 5 per cent duty.
The government has removed BCD on important minerals like cobalt & lithium-ion battery scrap. Industries can now source these materials locally.
Two newer kinds of looms, for making textiles, have also become cheaper, being exempt from BCD.
To support local manufacturing, the government is reducing or exempting duties on parts for making LED/LCD TVs and mobile phone batteries. They’ve even added 28 more goods used in mobile phone battery production to the list of exempted capital goods.
Import duties on frozen fish paste and fish hydrolysate, used in making fish feed, have been cut.
Wet blue leather (moist chrome-tanned leather) imports will also be cheaper now that there’s no BCD, and shoes, belts, purses should become less expensive.
The export timeline for handicrafts has been extended, making it easier for exporters to ship their goods.
Raw materials for shipbuilding and repairs will remain exempt from BCD for the next 10 years.