India Budget 2025: Finance Ministry Considers Ending Customs Duty Exemptions
The Indian finance ministry is reviewing customs duty exemptions for various industries in the upcoming Budget 2025. The exemptions under consideration include bulk drugs used in insulin production, raw materials for lab-grown diamonds, and plastics used in optical fiber production. This move aims to boost domestic manufacturing and increase revenue. The decision may impact the pharmaceutical, diamond, and telecommunications sectors. Key industries are awaiting the budget announcement to understand the implications of these potential changes. The government's goal is to promote economic growth and self-reliance through strategic tax reforms. Customs duty exemptions, tax reforms, and budget announcements are crucial for India's economic development.
