Union Finance Minister Nirmala Sitharaman on Tuesday (July 23) presented the Budget 2024-25 in the Lok Sabha and addressed the House. She listed the government's priorities in the Budget speech and read out nine such sectors which are of utmost priority for the Narendra Modi 3.0 government.
Read her full speech here:
Sitharaman proposed to reduce customs duties on gold and silver to six per cent and on platinum to 6.4 per cent to enhance value addition in precious metal jewellery.
"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," Sitharaman said while presenting Union Budget 2024-25 in the Lok Sabha.
Referring to other metals, she said steel and copper are important raw materials.
"To reduce their cost of production, I propose to remove the BCD (Basic Customs Duty) on ferro nickel and blister copper. I am also continuing with nil BCD on ferrous scrap and nickel cathode and concessional BCD of 2.5 per cent on copper scrap," she said.
She said India's economic growth continues to be the shining exception and will remain so in the years ahead.
"India's inflation continues to be low, stable and moving towards the 4 per cent target. Core inflation (non-food, non-fuel) currently is 3.1 per cent. Steps are being taken to ensure supplies of perishable goods reach market adequately," she said.
The minister said that the government will undertake a comprehensive review of the agriculture research setup to bring focus on raising productivity and developing climate resilient varieties.
"Funding will be provided in challenge mode, including to the private sector. Domain experts both from the government and outside will oversee the conduct of such research," she said.
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