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On Tuesday, Finance Minister Nirmala Sitharaman unveiled the Union Budget 2024-25. The budget emphasised making essential medicines more accessible, particularly for cancer patients. It introduced a reduction in customs duties on precious metals. The budget also tackles environmental concerns by increasing the Basic Customs Duty (BCD) on PVC flex banners to curb their harmful environmental impact.
List of items with reduced custom duties:
- Mobile Phones: Duty reduced from 20% to 15%.
- Cancer Medicines: TrastuzumabDeruxtecan (from 10% to nil), Osimertinib, and Durvalumab are duty-free.
- Precious Metals: Gold and silver duties reduced from 15% to 6%, platinum from 15.4% to 6.4%.
- Other Metals: Duties removed on ferro nickel (from 2.5%), blister copper (from 5%), ferrous scrap (earlier it was nil until September 30, 2024, now it is nil until March 31, 2026), and nickel cathode; 2.5% concessional duty on copper scrap.
August 2025
As India continues to be the world’s fastest-growing major economy, Fortune India presents its special issue on the nation’s Top 100 Billionaires. Curated in partnership with Waterfield Advisors, this year’s list reflects a slight decline in the number of dollar billionaires—from 185 to 182—even as the entry threshold for the Top 100 rose to ₹24,283 crore, up from ₹22,739 crore last year. From stalwarts like Mukesh Ambani, Gautam Adani, and the Mistry family, who continue to lead the list, to major gainers such as Sunil Mittal and Kumar Mangalam Birla, the issue goes beyond the numbers to explore the resilience, ambition, and strategic foresight that define India’s wealth creators. Read their compelling stories in the latest issue of Fortune India. On stands now.
- Marine Products: Reduced from 15% to 5% on specific broodstock, polychaete worms, shrimp, and fish feed.
- Minerals: 25 critical minerals exempt from customs duties.
- Solar Energy: Duty-free capital goods for solar cell (from 7.5% to nill) and panel manufacturing.
- Leather and Textile: Reduced duty on MDI for spandex yarn manufacture from 7.5% to 5%.
List of items with increased custom duties:
- Telecom: BCD on PCBA (Printed Circuit Board Assembly) for telecom equipment increased from 10% to 15%.
- Plastic: BCD on PVC flex banners raised from 10% to 25%.
- Chemicals: BCD on ammonium nitrate increased from 7.5% to 10%.
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