Finance Minister Nirmala Sitharaman is presenting the Union Budget 2025 in the Lok Sabha today. This budget focuses on youth, women, the middle class, the poor, and farmers. The government has made efforts to provide relief in terms of inflation and taxes. Ahead of the budget announcement, the price of commercial LPG cylinders has been reduced. Let’s find out which items have become cheaper and which ones have become costlier in this budget.
Custom Duty Reductions in Budget 2025-26
The Finance Minister has announced custom duty reductions on various products, which will result in price drops. Electronics, medicines, and electric vehicles are among the key categories that will become more affordable.
Items That Will Become Cheaper
- Electronics
- Medicines
- 36 life-saving drugs
- Cancer medicines
- Electric vehicles (EVs)
- Mobile phones
- Mobile batteries
- Fish paste
- Leather goods
- LED TVs
Items That Will Become Costlier
- Flat panel displays & TV displays
- Knitted fabrics (Fabrics used in clothing production)
Medicines to Become Cheaper
The government has reduced customs duty on medicines, including cancer treatments. A total of 56 essential medicines will now be exempt from customs duty, benefiting people suffering from cancer and other serious diseases.
Life-Saving Drugs to Get Cheaper
The government has announced a complete exemption from basic customs duty on 36 life-saving medicines, benefiting patients who require expensive treatments for cancer and other severe diseases.
Electronics to Become More Affordable
The Finance Minister has proposed reducing customs duty to 5% on certain electronic products. The basic customs duty on TV and mobile phone components (open cell and other parts) has been reduced, which is expected to lower their prices.