-Yugvarta News Agency (YNA)
Lucknow/New Delhi, July 23, 2024 : Mobile phones, related parts and chargers will become cheaper after the Union Budget 2024-25 as the government reduced the customs duty to 15%.

Moreover, Cancer medicines, gold, silver and platinum will also become cheaper. Shrimp and fish feed will also become cheaper.

The reduction in basic customs duty of gold, silver and platinum has been a long pending demand of the gems and jewellery industry

Whereas Ammonium nitrate, PVC flex banners and some telecom equipment will get costlier as their customs duty has been increased.

Following the announcement, shares of producers and exporters of seafood products’ firms jumped.

Shares of gold and jewellery retailers also surged after Nirmala Sitharaman’s announcement. On the BSE, the stock of Senco Gold zoomed 6.16% to trade at Rs 1,000.80 apiece, Rajesh Exports surged 5.49% to Rs 313.90 and PC Jeweller jumped 5% to trade at Rs 74.16 — also its upper circuit limit.

In addition, shares of Titan Company climbed 3.66% to Rs 3,371.65 per piece, Tribhovandas Bhimhji Zaveri rose 2.79% to Rs 140.20, and Kalyan Jewellers India gained 1.54% to Rs 537.05 apiece on the bourse.

The Finance Minister further announced abolishing angel tax for all classes of investors in startups. “First of all, to bolster the Indian startup eco-system, boost the entrepreneurial spirit and support innovation, I propose to abolish the so-called angel tax for all classes of investors," she said on Tuesday.

The removal of the angel tax is expected to be a boost for startups as it will help in promoting a more conducive environment for them.