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of <h1>Union Budget 2024-25 cuts customs duties on key commodities, eliminates duties on cancer drugs, reduces export tariffs.</h1> The Union Budget 2024-25 introduces significant changes in customs and export duties, effective July 24, 2024. Basic customs duties on various commodities, including agricultural products, aquafarming, critical minerals, and sectors like steel, copper, chemicals, textiles, and electronics, have been reduced or eliminated to encourage domestic manufacturing and exports. Notably, duties on cancer drugs and medical equipment are set to nil, while duties on precious metals like gold and silver are significantly reduced. Export duties on raw hides, skins, and furs are rationalized, with reductions for tanned or dressed furskins and crust hides. These adjustments aim to boost economic growth and competitiveness.
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