Finance Minister Nirmala Sitharaman announced significant cuts in customs duties in the 2024 budget, aimed at boosting manufacturing and reducing costs for key industries.
The customs duties on gold and silver have been reduced to 6%, while the duty on platinum has been cut to 6.4%. In a move to support the tech and renewable energy sectors, lithium, copper, and cobalt have been exempted from customs duty.
The list of capital goods exempted from customs duty for the manufacturing of solar cells and panels has been expanded, encouraging further investment in renewable energy. Additionally, the basic customs duty (BCD) on MDI, used in manufacturing spandex yarn, has been reduced from 7.5% to 5%, provided certain conditions are met.
Customs duties have also been exempted for the manufacturing of connectors and oxygen-fused copper, aiming to reduce production costs and enhance the competitiveness of domestic industries.
These measures are expected to take effect immediately, providing immediate relief and fostering growth in various sectors.
News Desk
