New Delhi: Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 in the Lok Sabha today, unveiling proposals aimed at bolstering Indias economic resilience and fostering growth across key sectors. In a bid to enhance value addition in the precious metal jewellery sector, Sitharaman proposed significant reductions in customs duties. To promote domestic value addition in gold and precious metal jewellery, I propose reducing customs duties on gold and silver to 6 per cent, and on platinum to 6.4 per cent, she announced during her budget speech.Addressing the importance of raw materials, Sitharaman highlighted steel and copper as crucial elements for various industries. To reduce the production costs, I propose removing Basic Customs Duty (BCD) on ferro nickel and blister copper, she stated. Additionally, she reaffirmed the continuation of nil BCD on ferrous scrap and nickel cathode, along with a concessional BCD rate of 2.5 per cent on copper scrap.Sitharaman expressed gratitude for publics trust in government At the outset of her speech, Sitharaman expressed gratitude for the publics trust in the government, reaffirming the administrations commitment to inclusive growth. We are determined to ensure that all Indians, irrespective of their background, achieve substantial progress in realizing their life goals and aspirations, she emphasized. Commenting on the global economic landscape, Sitharaman acknowledged ongoing uncertainties. While the global economy shows better-than-expected performance, it remains vulnerable to policy uncertainties, elevated asset prices, and disruptions in shipping, she cautioned.India continues to outshine global peers Highlighting Indias economic resilience, Sitharaman asserted that the country continues to outshine global peers. Indias economic growth remains robust, and our inflation is low, stable, and moving towards the targeted 4 per cent, she noted, citing current core inflation at 3.1 per cent. She also assured steps to ensure adequate supply of perishable goods to the market.Extensive review of agricultural research Looking ahead, Sitharaman outlined plans for an extensive review of the agricultural research framework to enhance productivity and develop climate-resilient crop varieties. We will fund research initiatives in challenge mode, engaging both the public and private sectors under the oversight of domain experts, she elaborated.
