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Budget 2024: Full List of Cheaper and Costlier Items

Updated on: Jul 23rd, 2024

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2 min read

Finance Minister Nirmala Sitharaman unveiled a series of reductions in customs duties as part of Budget 2024 and also announced which items are going to be costlier in financial year 2024-25.

Among the notable changes, customs duties on essential items such as cancer medicines and mobile phones have been substantially lowered, promising to bring down their retail prices and make them more accessible to the general public. This measure is expected to provide much-needed relief to patients requiring expensive cancer treatments and to consumers looking to purchase mobile devices and accessories. 

Furthermore, the reduction in import duties extends to other key items, including gold, silver, and leather goods. These changes are anticipated to invigorate retail demand, particularly in the bullion market, while also addressing issues such as smuggling. 

Here we are providing detailed information about what gets cheaper and what gets costlier after Union Budget 2024.

Items Getting Cheaper:

  • Cancer medicines: Major reduction in customs duty, with 3 more cancer treatment drugs exempt from customs duty.
  • Mobile phones, chargers, and other mobile parts: Basic customs duty reduced.
  • Imported gold and silver: Import duties slashed to 6%.
  • Platinum: Customs duty reduced to 6.4%
  • Leather goods and seafood: Prices reduced due to lower customs duties.
  • Ferro nickel and blister copper: Basic customs duties removed
  • Capital goods for solar panel manufacturing: Expanded list of exemptions
  • 25 critical minerals: Customs duties fully removed
  • Shrimp and fish feed: Customs duty reduced to 5%

Items Getting Costlier:

  • Ammonium nitrate: Customs duty increased by 10%
  • Non-biodegradable plastics: Customs duty increased by 25%
  • Telecom products: Basic customs duty on certain equipment raised from 10% to 15%
  • Plastic products: Customs duty increased

Industry Impact:

  • Gold and silver: Reduction in import duties expected to boost retail demand and help curtail smuggling.
  • Global gold prices: Higher demand from India could support global prices but may increase India's trade deficit and affect the rupee.

List of Items Gets Cheaper and Costlier After Budget 2024

Here is the full list of items that will get cheaper and costlier in FY 2024-25:

What’s Costlier

What’s Cheaper

Cancer MedicineAmmonium nitrate
Mobile Phone and Mobile PartsNon-biodegradable plastics
Imported Gold and SilverTelecom products
PlatinumPlastic products
Leather Goods 
Seafood 
Ferro nickel and blister coppe 
Capital goods for solar panel manufacturing 
25 critical minerals 
Shrimp and fish feed 

 

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