Customs Duty Reforms to Boost Domestic Manufacturing and Exports
Finance Minister Nirmala Sitharaman announced reforms in customs duties to boost domestic manufacturing, enhance export competitiveness, and simplify taxation. Key proposals include exemptions for 25 critical minerals and three cancer drugs—TrastuzumabDeruxtecan, Osimertinib, and Durvalumab.
The seafood and leather sectors will benefit from reduced duties on inputs to promote exports. Customs duties on gold, silver, platinum, ferro nickel, and blister copper are also reduced. Mobile phones, PCBs, and chargers will see reduced rates to 15%.
The Minister highlighted a three-fold increase in mobile phone production and announced plans for a comprehensive review of the customs duty structure.
