Union Budget 2024

Article

Industry impact: Mining, Metals, Oil and Gas

  • Proposal to set up a critical mineral mission for domestic production, recycling and overseas acquisition
  • Customs duties exempted on 55 critical minerals such as lithium, copper and cobalt; rare earth elements are critical for sectors such as nuclear and renewable energy, space, defence, telecommunications, and high-tech electronics; reduced Basic Custom Duty (BCD) for a few
  • Auction of the first tranche of offshore blocks for mining, building on the exploration already conducted, will be launched
  • BCD removed on ferro nickel and blister copper, and the BCD exemption on ferrous scrap extended until 31 March 2026, reducing the cost of production of important raw materials of steel and copper
  • Exemption of customs duties extended to certain goods used for petroleum exploration operations
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