The Union Budget has reduced basic customs duty on mobile phones, Printed Circuit Board Assembly (PCBA) and mobile chargers to 15 per cent.

Precious metals will become cheaper as customs duties on gold and silver have been reduced to 6 per cent and on platinum to 6.4 per cent.

Three more cancer-treating medicines -Trastuzumab Deruxtecan, Osimertinib and Durvalumab have been exempted from customs duties. There will also be a reduction in Basic Customs Duty (BCD) on X-ray machine tubes and flat panel detectors.

Basic custom duty has been reduced from 7.5 per cent to 5 per cent in Methylene Diphenyl Diisocyanate (MDI) which is used for the manufacture of spandex yarn.

To boost India’s seafood exports, BCD on broodstock, polychaete worms, shrimps and fish feed has been reduced to 5 per cent.