Budget 2024

Finance Minister of India has presented his seventh consecutive budget in the Parliament on 23 July 2024. This is the 11th budget of the NDA government led by Narendra Modi, which has come to power for the third consecutive time. In this first Union Budget 2024 of Modi Government 3.0, people have got some relief at some places. In Budget 2024, a big announcement has been made for the electric vehicle industry of the country. Finance Minister Nirmala Sitharaman has announced the complete removal of custom duty on cobalt, lithium and copper as well as 25 important minerals in her Budget 2024 speech. Let us tell you that with the removal of custom duty, the production of lithium ion batteries in the country will become cheaper. Talking about lithium batteries, anything made from lithium batteries is going to become cheaper.

Let us tell you that electric vehicles run on lithium batteries only. The battery inside the phone is also a lithium battery. Any rechargeable thing is going to become cheaper now. Lithium battery is made mainly of two types lithium and cobalt. With the removal of custom duty, their prices will decrease, due to which lithium battery operated cars, bikes and scooters are also expected to become cheaper. This will benefit millions of customers buying electric vehicles in the country. Apart from electric vehicles, the prices of battery operated drones will also decrease. Apart from custom duty exemption, the minister has also announced a reduction in the basic custom duty on two of these minerals. In her budget speech, Sita Raman said that mineral truths lithium copper cobalt and rare earth elements are critical for sectors like nuclear energy renewable energy space defense telecommunications and high tech electronics I propose to fully end customs duties on 25 Critical Minerals and Reduce BCD on Them.

This Will Provide a Major Boost to the Processing and Refiner and Help Secure the Availability for the Strategic and Important Sectors. Due to the reduction in duty on lithium batteries, the price of mobile watches and solar plants will also come down Production and Almost 100 Fold Jump in Exports of Mobile Phones Over the Last Six Years The Indian Mobile Industry has Matured in the Interest of Consumers I Now Propose to Reduce the BCD on Mobile Phones Mobile PCBA and Mobile Chargers to 15% In 2023 also, the government had reduced the customs duty from 21 to 13 percent under the new policies. Along with this, now if any company sets up its own plant, then it has been planned to provide relief in import duty as well.