 "How FM Nirmala Sitharaman's Union Budget 2024-25 affects the key sectors")
Real Estate & Infrastructure
l Budgetary allocation enhanced for various incentive schemes
l BCD reduced on mobile phones, its PCBA, mobile chargers, specified die-cut parts & mechanics for mobile phone manufacturing
l BCD increased on PCBA of specified telecom equipment
l BCD on oxygen free copper strip has been reduced from 5% to nil for use in manufacture of resistors
l BCD on specified parts for manufacture of connectors has been reduced to nil
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l Exemption from BCD on import of certain minerals to be used in strategic sectors such as telecommunication, space, high-tech electronics, etc
Consumer Products
l Customs duty reduced on gold, silver, and platinum
l BCD exemption is extended to certain leather items for manufacture of textile or leather garments for export
l BCD reduced on MDI for manufacture of spandex yarn
l BCD reduced on specified goods for use in manufacture of textile, leather garments / specified footwears / other leather products for export
l TCS on notified luxury goods at the rate of 1 per cent of value exceeding Rs 10 trillion
Pharma
l Operationalisation of the Anusandhan National Research Fund for basic research and prototype development
l Budgetary allocation of Rs 2,143 crores towards PLI for pharmaceutical industry
l Waiver of BCD on import of specified cancer drugs
l BCD reduction on x-ray tubes & flat panel detectors for use in medical x-ray machines under the Phased Manufacturing Programme
l Sunset clause extended from 30.09.3024 to 31.03.2029 for certain specified goods for supply of patient assistance programme
Food industry
l BCD on various ingredients/inputs for use in the manufacture of Prawn & Shrimps feed or fish feed is reduced
l BCD on various aquafarming & marine sector products have been reduced
l BCD tariff rate on areca nuts and prepared/ preserved areca nuts increased to 150%. However, no change in effective duty rate
l Reduction in BCD for Shea nuts, from 30 per cent to 15 per cent
l Financial support for setting up of 50 multi-product food irradiation units in the MSME sector will be provided
l Development of large scale clusters for vegetable production closer to major consumption centres