Finance Minister Nirmala Sitharaman is presenting the Union Budget 2024-25 in Parliament at 11 a.m., marking the first budget of Prime Minister Narendra Modi’s third term. This will be Sitharaman’s seventh consecutive Budget as finance minister, surpassing the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget. Former Prime Ministers Manmohan Singh and Pranab Mukherjee each presented five consecutive budgets.
The middle class and salaried taxpayers are hoping for income tax relief in this budget amid rising inflation and job uncertainties.
This Budget is being presented during the Monsoon session, following an Interim Budget presented in February due to the Lok Sabha elections. The Monsoon session, which began on July 22, will have 19 sittings until August 12. On the Budget, PM Modi stated that it is an “important budget for Amrit Kaal,” which will set the direction for the next five years and serve as a strong foundation for the vision of a ‘Viksit Bharat’.
Govt Cuts Customs Duty to 15% on Mobile Phones and Accessories
Regarding the mobile phone industry, Finance Minister Sitharaman stated, “I propose to reduce the Basic Customs Duty (BCD) on mobile phones, mobile PCBs, and mobile chargers to 15%.”
Custom Duty Reduced on Gold, Silver & Platinum
Nirmala Sitharaman announced that the government will reduce the customs duty on gold and silver to 6%, and on platinum to 6.4%.