India's Budget 2024 Cuts Gold and Silver Import Duties, Reduces Cancer Medicine Costs

Finance Minister Nirmala Sitharaman's budget aims to boost retail demand, curb smuggling, and support critical mineral imports.

Customs duty on gold and silver reduced from 15% to 6%, expected to increase retail demand and reduce smuggling.
Import duties on cancer medicines and mobile phones significantly lowered to make them more affordable.
Higher demand for gold may boost global prices but could widen India's trade deficit and weaken the rupee.
The budget includes an import duty exemption for 25 critical minerals, including lithium, essential for electric vehicle batteries.
The 'PM Surya Ghar Muft Bijli Yojana' sees over 1.28 crore registrations, promoting rooftop solar installations for free electricity.