New Delhi: Finance Minister Nirmala Sitharaman presented the Union Budget for 2024-2025 on July 23, 2024, at 11 am in the Parliament. She has earlier on February 1 presented the Interim Budget due to the 2024 Lok Sabha elections . This will be the first Budget by the BJP-led NDA government since it was re-elected last month. President Droupadi Murmu has officially approved the budget session to begin on July 22 and continue until August 12.
This year, Finance Minister Nirmala Sitharaman will become the first finance minister in India’s history to deliver seven consecutive budgets. She will surpass the record previously held by Morarji Desai, who presented six consecutive budgets between 1959 and 1963.
Finance Minister Nirmala Sitharaman, announced a cut in custom duty on gold and silver to 6%. Additionally, the finance minister further informed the customs duty slash on platinum to 6.4%.
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‘To enhance domestic value addition in gold and precious metal jewellery in the country, I propose to reduce customs duties on gold and silver to 6 per cent and that on platinum to 6.4 per cent,’ Finance Minister said during the announcement of the Union Budget 2024.
She also announced the removal of basic customs duty on ferronickel, and blister copper, while increasing the same to 15 per cent from 10 per cent on specified telecom equipment. The government will raise customs duty on ammonium nitrate to 10 per cent and 25 per cent on non-biodegradable plastics.
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