Union Finance Minister Nirmala Sitharaman presented the Union Budget 2025-26 on Saturday, outlining a strategic roadmap for India’s economic growth. The Budget focuses on key sectors such as agriculture, micro, small, and medium enterprises (MSMEs), investment, and exports, with an overarching goal of accelerating development and steering India towards its vision of becoming a 'Viksit Bharat' (developed India).

While some items will become more affordable due to tax reductions, others may experience price increases due to higher duties or new taxes. Notably, the Finance Minister proposed the exemption of customs duty on life-saving drugs. 

Let’s take a closer look at the changes in pricing.

What's Cheaper?

  • Mobile phone chargers
  • Telecom equipment
  • Cancer drugs
  • Carrier grade internet switches
  • 36 life-saving medicines exempted from basic customs duty
  • Scrap of lithium-ion batteries, lead, zinc, and 12 other critical minerals
  • Frozen fish, Frozen fish paste (Surimi) - Customs duty reduced from 30% to 5%
  • Synthetic flavouring essences
  • Leather belts, Leather shoes, Leather jackets
  • Marine products
  • Raw materials for manufacturing ships exempt from basic customs duty for an additional 10 years
  • EV batteries
  • Cobalt products

What's Costlier?

  • Flat LED TVs
  • Knitted fabrics

Last year, the government slashed customs duties on cancer medicines and mobile phones, lowering their prices in the retail market. Additionally, imported gold, silver, leather goods, and seafood became cheaper. Conversely, customs duties were increased by 10% on ammonium nitrate and by 25% on non-biodegradable plastics.