The Finance Minister of India has made several changes to the basic customs duty (BCD) to support key industries and improve healthcare. Key adjustments include exemptions for 36 life-saving drugs, 35 capital goods for electric vehicle (EV) manufacturing, and wet blue leather. These changes are aimed at reducing costs for manufacturers and improving healthcare accessibility.
- Exemption on Life-Saving Drugs: 36 life-saving drugs will be exempt from basic customs duty to make them more affordable for patients.
- Support for EV Manufacturing: The government will exempt 35 additional capital goods used in the manufacturing of electric vehicles to promote the EV industry in India.
- Changes in Duties: The duty on flat panel displays will increase from 10% to 20%, while the duty on fish paste will be reduced from 30% to 5% to support domestic production and reduce costs for consumers.
These changes are part of the government’s efforts to boost domestic manufacturing, support green energy initiatives, and make healthcare more affordable. The customs duty adjustments aim to create a more efficient and competitive market.
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