Exciting Changes in the Union Budget 2024: What to Expect for FY 2025

 In a groundbreaking presentation on Tuesday, Indian Finance Minister Nirmala Sitharaman unveiled the Union Budget 2024, marking her seventh consecutive budget. The announcement is already creating a buzz, especially with a series of proposed customs duty cuts aimed at enhancing consumer savings and boosting domestic industries. Sitharaman’s proposal to lower duties on a range of products promises to make several essentials more affordable and accessible to the public.

What’s Getting Cheaper?

Starting in FY 2025, several key items will see a reduction in costs, much to the delight of consumers:

1. Cancer Drugs: A significant cut that could ease the financial burden on patients and their families.
2. Gold, Silver, Platinum Making Charges: Jewelry enthusiasts and investors will benefit from lower costs.
3. Leather Goods: From fashion to accessories, leather products are set to become more affordable.
4. Fish and Shrimp Feed: Beneficial for the aquaculture industry, which will now face reduced costs.
5. Mobile Phones and Chargers: Expect savings on the latest tech gadgets and accessories.
6. Medical X-Ray Machines: A reduction in costs will support healthcare providers.
7. Equipment Using Solar Cells and Panels: A boost for sustainable energy solutions.
8. Textiles: Lower costs will be a win for both consumers and the fashion industry.
9. Footwear: Get ready for more affordable shoes!

What’s Becoming Costlier?

However, not everything is getting cheaper. Some items will see an increase in prices:

1. PVC Flex Banners: The cost of these popular advertising materials will rise.
2. Imported Telecom Equipment: An increase that might affect tech companies and communication sectors.
3. Ammonium Nitrate: A critical component in various industries will become more expensive.

Read more: https://indiaobservers.com/budget-2024-updates-domestic-gold-prices-drop/

Sitharaman’s Nine Priorities for FY 2024-25

In her budget speech, Sitharaman outlined nine key priorities aimed at shaping India’s future:

1. Energy Security: Ensuring a stable and reliable energy supply.
2. Infrastructure: Investing in and improving infrastructure across the country.
3. Next Generation Reforms: Implementing forward-thinking reforms for future growth.
4. Innovation Research Development: Promoting research and development to foster innovation.
5. Productivity and Resilience in Agriculture: Enhancing agricultural practices for better productivity.
6. Inclusive Human Resource Development and Social Justice: Focusing on equitable development and social justice.
7. Manufacturing and Services: Strengthening both manufacturing and service sectors.
8. Employment and Skilling: Creating job opportunities and enhancing skills.
9. Urban Development: Investing in the growth and improvement of urban areas.

With these bold measures and strategic priorities, the Union Budget 2024 sets the stage for a transformative year ahead, promising significant impacts across various sectors and for the everyday consumer. Stay tuned for how these changes unfold and their effects on the Indian economy!