New Delhi, July 23: With Finance Minister Nirmala Sitharaman announcing a major reduction in customs duty on cancer drugs and mobile phones, it is set to considerably bring down their prices in the market. The three cancer drugs are Trastuzumab deruxtecan, Osimertinib and Durvalumab.

The Finance Minister also announced a reduction of customs duty on mobile phones and mobile chargers to 15 per cent. “The government will exempt three cancer treatment drugs from customs duty. I will also reduce basic customs duty on mobile phones, chargers and other mobile parts,” FM Sitharaman said presenting the Budget 2024. Union Budget 2024: Finance Minister Nirmala Sitharaman Unveils Big Sops for Bihar and Andhra Pradesh (Watch Video).

Other products that are set to become cheaper include mobile phones, imported gold, silver, leather goods and seafood. The reduction in duties on gold and silver by 6 per cent will significantly give a fillip to the retail demand.

FM Sitharaman also proposed a reduction in customs duties on platinum by 6.5 per cent and 5 per cent cut on seafood which includes shrimps and fish feed. For the salaried class, the Finance Minister announced tax sops for over 4 crore salaried individuals. Union Budget 2024: Finance Minister Nirmala Sitharaman Lays Out Roadmap To Pursue 9 Priorities for Shining India Opportunity.

Those under the new tax regime, have been given relaxation in the standard deduction limit from Rs 50,000 to Rs 75,000 while the deduction on family pension for pensioners has been enhanced from Rs 15,000 to Rs 25,000. This will provide relief to about four crore salaried individuals and pensioners, the Finance Minister said.

(The above story first appeared on LatestLY on Jul 23, 2024 01:48 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).