Government Slashes Customs Duties: Boosts Manufacturing and Exports

The government has reduced customs duties on various products like gold, silver, critical minerals, and electronics to lower input costs, enhance value addition, and promote export competitiveness. These measures are aimed at boosting domestic manufacturing across sectors such as marine, medical equipment, textiles, and technology over the next six months.

The government on Tuesday announced a significant reduction in customs duties on a diverse range of products, including gold, silver, critical minerals, and electronic items. This move aims to lower input costs, enhance value addition, promote export competitiveness, and bolster domestic manufacturing.

The slashed duties extend to marine sector goods, cancer drugs, textile, steel, copper, and more. Basic customs duty on precious metal items was notably reduced to 6 per cent, with similar cuts applied to diamonds, platinum, and other metals.

Finance Minister Nirmala Sitharaman stated the cuts are meant to support domestic industries and streamline the rate structure. The reduction on items such as mobile phones and critical minerals is expected to boost local production, while the energy and solar sectors will benefit from expanded exemptions.

(With inputs from agencies.)