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Union Budget 2024: Govt reduces customs duties on gold, silver, and electronics
Updated On: 23 July, 2024 01:58 PM IST | Delhi | mid-day online correspondent
Sitharaman highlighted, in her Union Budget 2024, that these policies are intended to boost domestic manufacturing and promote local value addition.
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Nirmala Sitharaman with red `Bahi Khata`/ Pallav Paliwal
The government has decreased customs charges on a variety of products, including gold, silver, mobile phones, and electronics, to reduce input costs, increase value addition, improve export competitiveness, and support local production. Finance Minister Nirmala Sitharaman announced the revisions, which include a reduction in the basic customs duty on gold and silver bars from 15 per cent to 6 per cent and on gold and silver ore from 14.35 per cent to 5.35 per cent. The duties on platinum, palladium, osmium, ruthenium, and iridium were decreased from 15.4 per cent to 6.4 per cent, reported PTI.
According to the report, the gems and jewellery industry has long sought reductions to boost exports and manufacturing.
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