Budget 2024: What's Costlier And What's Cheaper? Here's The Full List

Finance Minister Nirmala Sitharaman announces reduction in customs duties on cancer medicines. Mobile phones, imported gold, silver, leather goods, and seafood will also become cheaper.

"The government will exempt three more cancer drugs from customs duty," Sitharaman said. "I will reduce basic customs duty on mobile phones, chargers, and parts."

Sitharaman cut import duties on gold and silver to 6%, boosting retail demand. Industry officials say this move helps curb smuggling in the world's second-biggest bullion consumer.

Higher gold demand from India could support global prices, hitting record highs. However, increased gold imports might strain India's trade deficit and the rupee.

Conversely, the government will raise customs duty on ammonium nitrate by 10%. Non-biodegradable plastics will see a 25% customs duty increase.

This budget of the Modi 3.0 government impacts India's economy significantly. It addresses sectors from infrastructure development to social welfare programs.

Prime Minister Modi said the Finance Minister will present a strong budget. He ensures the government's guarantees reach the common man.

On Parliament's first Monsoon Session day, Sitharaman tabled the Economic Survey.