On Saturday, Finance Minister Nirmala Sitharaman unveiled the Union Budget for 2025, setting the stage for Prime Minister Modi’s third term with a comprehensive financial plan. This budget seeks to walk a tightrope, addressing the middle class’s call for tax breaks while fuelling the economy’s growth engine.
Expectations were high as Sitharaman presented her eighth consecutive budget. With economic growth slowing and many middle-class families grappling with rising prices and stagnant incomes, the budget aims to offer some much-needed relief. The finance minister emphasised that fiscal discipline will remain a priority as India tackles its economic hurdles.Here are the items that have become cheaper and costlier for consumers.
Delhi: Union Finance Minister Nirmala Sitharaman is all set to present #UnionBudget2025 in the Parliament today.
She will present and read out the Budget through a tab, instead of the traditional 'bahi khata'. pic.twitter.com/Iky9TSOsNW
— ANI (@ANI) February 1, 2025
Budget 2025 What Gets Cheaper, What Gets Expensive: Full List
| Budget 2025: What Gets Cheaper | Budget 2025: What Gets Costlier |
| LCD/LED TVs | Basic Customs Duty on interactive flat panel displays (10% to 20%) |
| Electric Vehicles (EVs) | Knit Textiles |
| Mobile Phones and Batteries | |
| Cancer and Chronic Disease Medications – 36 life-saving drugs fully exempt from basic customs duties | |
| Leather Goods | |
| Frozen Fish Paste (Surimi) – Customs duty drops from 30% to 5% | |
| Carrier-Grade Ethernet Switches | |
| 12 Critical Minerals | |
| Open Cell (for TVs) | |
| Raw Materials for Shipbuilding | |
| Marine Products | |
| Cobalt Products | |
| Zinc and Lithium-Ion Battery Scrap | |
| Handicraft Exports | |
| Medical Equipment | |
| Clothes Made in India | |
| Bikes with an engine capacity of 1600 CC and above will see a reduction in Basic Customs Duty from 50% to 30% |
Budget 2025: What Gets Cheaper
- LCD/LED TVs
- Electric Vehicles (EVs)
- Mobile Phones and Batteries
- Cancer and Chronic Disease Medications – 36 life-saving drugs fully exempt from basic customs duties
- Leather Goods
- Frozen Fish Paste (Surimi):The customs duty on frozen fish paste (used to make imitation seafood) will drop from 30% to 5%
- Carrier-Grade Ethernet Switches
- 12 Critical Minerals
- Open Cell (for TVs)
- Raw Materials for Shipbuilding
- Marine Products
- Cobalt Products
- Zinc and Lithium-Ion Battery Scrap
- Handicraft Exports
- Medical Equipments
- Clothes Made in India
- Bikes with an engine capacity of 1600 CC and above will see a reduction in Basic Customs Duty from 50% to 30%
Budget 2025: What Gets Costlier
- Basic Customs Duty on interactive flat panel displays (10% to 20%)
- Knit Textiles
Looking back at the 2024 budget, Sitharaman made some notable changes to customs duties. She slashed duties on gold, silver, platinum, and essential goods, while also reducing tariffs on mobile phones, chargers, and certain cancer drugs. But it wasn’t all good news—consumers felt the pinch as prices for telecom equipment and plastic products went up due to higher customs duties.
𝐔𝐧𝐢𝐨𝐧 𝐁𝐮𝐝𝐠𝐞𝐭 𝟐𝟎𝟐𝟓 ||
— All India Radio News (@airnewsalerts) February 1, 2025
💧𝐉𝐚𝐥 𝐉𝐞𝐞𝐯𝐚𝐧 𝐌𝐢𝐬𝐬𝐢𝐨𝐧 to achieve 100 percent saturation, FM @nsitharaman announces extension of Mission till 2028.#Budget2025 | #UnionBudget2025 | #UnionBudget @FinMinIndia | @nsitharaman | @nsitharamanoffc | @mppchaudhary pic.twitter.com/kKl6PFN2hc
Last year, the finance minister proposed cutting the customs duty on gold and silver to 6% and platinum to 6.4%. She also suggested scrapping basic customs duties on ferronickel and blister copper and lowering tariffs on some raw materials. These moves boosted domestic manufacturing and made key imports more affordable.
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