Budget 2024-25: FM Proposes Customs Duty Reforms to Support Domestic Manufacturing, Promote Export

In the Budget 2024-25, the Finance Minister proposed several customs duty reforms to enhance domestic manufacturing, boost export competitiveness, and simplify taxation. Key changes include the reduction of duties on raw materials and intermediates to lower production costs for domestic industries. There are also adjustments aimed at promoting high-value manufacturing and supporting small and medium enterprises (SMEs). The reforms intend to streamline customs procedures, reduce compliance burdens, and foster a more transparent and efficient tax system. The changes are designed to encourage investment, improve India's trade balance, and make domestic products more competitive in the global market.