Indian Government Union Budget 2024 breaking news : From gold and silver to mobile phones and chargers, Finance Minister Nirmala Sitharaman has also proposed to remove basic customs duty on many items.
While presenting the Union Budget in 2024–25, Finance Minister Nirmala Sitharaman on Tuesday announced a reduction in customs duty on several in-out materials such as critical minerals, electronics chemicals and precious metals. And she said that the government has also focused on streamlining customs duty to support revenue and domestic manufacturing.
To increase domestic value addition in precious metal ornaments from gold in India, Sitharaman has said that she is also proposing to reduce customs duty on gold and silver to 6 percent and on platinum to 6.4 percent. She has also proposed to remove basic customs duty on ferronickel and sterilized copper p. While on specified telecom equipment, it is only.
Union Budget 2024 : The Government of India has also reduced the customs duty on gold and silver
Presenting her seventh consecutive budget, Finance Minister Nirmala Sitharaman has proposed to reduce the BCD on gold and silver to 6 percent and on platinum to 6.4 percent. She has said that this is to increase the domestic value addition in gold and precious metal jewellery.
I also propose to reduce the customs duty on gold and silver and the current price of 24 carat gold is Rs 7358 per gram, silver is Rs 91 per gram and platinum is Rs 2552 per gram.
The Government of India has reduced the customs duty on mobile phones and accessories
Indian Government Union Budget 2024 breaking news : Sitharaman has said that in the last six years, domestic production has increased three times and the Indian mobile phone industry has also matured with a jump of almost 100 times in the export of mobile phones.
After this, he also proposed to reduce the BCD on mobile charger to 15 percent as it is an important component for connecting the mobile phone and the mobile printed circuit board assembly to power them.
This is Nirmala Sitharaman’s mega jobs tax announcements in this Union Budget
In her 7th record and Union Budget, Union Minister Nirmala Sitharaman has announced all the major employment and schemes and has also revised the tax structure in the new tax system. And while the slabs have remained unchanged in the old system. And later PM Modi has congratulated her for the balanced budget.
Finance Minister Nirmala Sitharaman has presented her seventh consecutive budget in the Parliament today on Tuesday 23 July. And Nirmala Sitharaman has announced major employment schemes and the tax structure has also been revised in the new tax regime. And while the slabs have remained unchanged in the old tax system.
Indian Government Union Budget 2024 breaking news : The Finance Minister has also announced a big cut in customs duty on cancer medicines and mobile phones. And imported gold, silver, leather goods and seafood will also become cheaper.
This 2024–25 budget is being considered as the action plan of Modi 3.0 government and in which a roadmap has also been prepared for the development of India in the next five years.
The Prime Minister of India Narendra Modi has praised the Union Budget presented by Nirmala Sitharaman and he has said that Budget 2024 will benefit all sections of the society and will lay the foundation of a developed India.
Reading the political signals of the budget: The focus of the Indian government on unemployment and rural distress is also on job creation.
This is a politically significant signal as unemployment and jobless growth were once the main themes of the opposition narrative during the Lok Sabha elections, which hurt the BJP in many places.
The first budget of the Narendra Modi government after returning to power for the third consecutive time, with a mandate, reflects the changed political dynamics and the new determination and ground realities of alliance partners, especially from Bihar and Andhra Pradesh, as it makes little effort to address challenges like unemployment and rural distress. This is likely to have played a role in the party’s massive drop in Lok Sabha seats from 303 to 240.
Taking a dig at the Indian government, opposition leader Rahul Gandhi has posted on X and said that he is making empty promises to save the chair, appease allies, and make false promises at the cost of other states. And to please the friends, AA gets benefit but no relief for common Indians, copy Congress’s manifesto and previous budget too.
Indian Government Union Budget 2024 breaking news : Union Finance Minister Nirmala Sitharaman herself started her budget speech by saying that the government will focus on employment, skill MSMEs and the middle class and to some extent it was an implicit admission and despite the government repeatedly and consciously presenting the tenure as a reward for its good work, jobs remain a concern.
This is necessary because the BJP is gearing up to face elections in key states like Maharashtra, Haryana and Jharkhand where the party has suffered a setback in the Lok Sabha elections.
So whether it is the three employment incentive schemes or the proposal to start a scheme to provide internship to one crore youth in 500 top companies in five years, there is a clear emphasis on employment generation.
This second political signal is the emphasis on promoting the MSME sector and this was also a major political and election issue taken up by the opposition, especially the Congress and its leader Rahul Gandhi, who has repeatedly accused the government of breaking the back of this sector. And the reason is that jobs are ending. And new jobs are not being created.