Budget 2024: Full List of Cheaper and Costlier Items

By Adnan Ali

Updated on: Jul 29th, 2024

3 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.

Budget 2024 Cheaper and Costlier items

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 That Will 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 Medicine	Ammonium nitrate
Telecom products	Non-biodegradable plastics
Imported Gold and Silver	Mobile Phone and Mobile Parts
Platinum	Plastic products
Leather Goods
Seafood
Ferro nickel and blister copper
Capital goods for solar panel manufacturing
25 critical minerals
Shrimp and fish feed

Gold Rate After Budget 2024

Today, gold prices faced significant selling pressure following the announcement of the Union Budget 2024. Finance Minister Nirmala Sitharaman revealed a reduction in customs duty on gold and silver from 15 percent to 6 percent. This led to a sharp decline in gold prices. Gold prices after budget announcement 2024 is given below:

Gold prices after budget: ₹71,010 per 10 grams
Gold prices before budget: ₹74,000 per 10 grams

Immediately after budget 2024 announcements, gold prices plummeted and reached as low as ₹68,500 per 10 grams, a decrease of ₹4,218 in a single day's trading. Despite this, there was some buying activity later, which helped gold prices recover some of their losses on the day of the budget announcement.

About the Author

Adnan Ali

Senior Content Writer

I am a curious person, and Finance is at the top of my list of interests. With more than 5 years of experience in fintech, I am an expert in lending, investment and personal finance. I believe the Devil lies in details, so I dig a lot before writing anything and armed my writing pieces with figures and facts. Read more

Quick Summary

Finance Minister Nirmala Sitharaman announced reduced customs duties on items like cancer medicines and mobile phones, making them more affordable. Additionally, import duties on gold, silver, and other goods were lowered to stimulate retail demand. However, customs duties on items like ammonium nitrate and telecom products increased, affecting industries. Gold prices fluctuated after the budget announcement, declining initially but recovering later.