Budget 2024: Three Cancer Treatment Medicines To Be Exempted From Basic Custom Duty
The country’s budget for the year 2024-2025 was set by Finance Minister Nirmala Sitharaman today, 23 June. Allocations of the budget to the various sectors have been the major concern of the citizens of the country, especially over the health sector. The health and pharma sectors have been expecting significant allocations to reform and address the various infrastructural needs.
Read Also: Budget 2024: Basic Customs Duty On Mobile Phones, Mobile Chargers Reduced
Nirmala Sitharaman in the 2024 budget proposed that three cancer treatment medicines be exempted from basic customs duty completely.
The finance Finance Minister also proposed changes in the basic customs duty for X-ray tubes and Flat panel detectors for use in medical X-ray machines under the phased manufacturing program to synchronize them to domestic capacity addition.
Read Also: Budget 2024: Government Allots Rs 1.52 Lakh Crore For Agriculture Sector
Moreover, this budget was crucial for the health sector, as the country is to meet the 2025 deadline set by the National Health Policy of 2017 to increase the health expenditure to 2.5 percent of the GDP. Industry experts have been expecting a 2.5% hike in health expenditure, with more investment in R&D and innovation.
