Aakhir Tak – In Shorts
- Finance Minister Nirmala Sitharaman presented Budget 2025, offering relief for salaried employees with no tax for those earning up to Rs 12 lakh.
- 36 life-saving cancer and chronic disease drugs were exempted from basic customs duties.
- Electronics, including mobile phones and batteries, saw customs duties reduced for manufacturers.
- Cobalt powder and lithium-ion battery scrap are now exempt from basic customs duties.
- Flat panel displays and other products will become costlier due to increased customs duties.
Aakhir Tak – In Depth
What Gets Cheaper in Budget 2025?
The Union Budget 2025, presented by Finance Minister Nirmala Sitharaman, introduced several relief measures that could positively impact industries and consumers alike. The budget aimed at addressing key areas of healthcare, electronics, and sustainable manufacturing, with a focus on critical sectors such as cancer treatment and electric vehicle (EV) production.
Cancer and Chronic Disease Medications
One of the standout features of this year’s budget was the full exemption of customs duties on 36 essential life-saving medicines, particularly for cancer and chronic diseases. This decision is expected to lower the prices of these drugs significantly, making them more accessible to patients in need.
Electronics and EV Manufacturing
A notable reduction in the basic customs duties was announced for mobile phones, chargers, and other electronic components. Specifically, the duty for open cells and crucial parts for mobile phone batteries and EV batteries was reduced. Additionally, 35 items essential for the manufacturing of EV batteries and 28 items for mobile battery production will now be exempt from duties, which is expected to boost the growth of these sectors.
Critical Minerals
In another progressive move, cobalt powder, waste lithium-ion batteries, and other critical minerals were granted exemptions from the basic customs duties. These minerals are crucial for various manufacturing processes, and their exclusion from duties will make these industries more cost-efficient.
What Gets Costlier in Budget 2025?
On the flip side, some items are set to become more expensive due to increases in customs duties. The most significant of these is the rise in customs duties on flat panel displays, which went from 10% to 20%. This increase will affect the prices of TVs, mobile phones, and other electronic devices. Furthermore, the exemption on 82 tariff lines under the social welfare surcharge was removed, meaning products previously unaffected will now be subject to higher taxes.
Government’s Focus on Inclusive Development
The Finance Minister emphasized that this budget would focus on inclusive growth, especially for the poorer sections, youth, farmers, and women. She reiterated that the next five years offer a unique opportunity to achieve “Sabka Vikas” (growth for all), which would ensure balanced development across all regions of the country.
Aakhir Tak – Key Takeaways to Remember
- Budget 2025 grants exemptions on customs duties for life-saving drugs, electronics, and EV manufacturing.
- Cobalt and lithium-ion battery scrap are now duty-free, benefiting manufacturing sectors.
- Increased customs duties on flat panel displays and TVs are expected to raise prices.
- The budget prioritizes inclusive growth, with a focus on the poor, youth, and women.
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