Capital Market News Finance Minister noted in her budget speech today that budget proposes to phase out the concessional rates in capital goods and project imports gradually and apply a moderate tariff of 7.5%. Certain exemptions for advanced machineries that are not manufactured within the country shall continue. A few exemptions have been introduced on inputs, like specialised castings, ball screw and linear motion guide, to encourage domestic manufacturing of capital goods. More than 350 exemption entries will be gradually phased out. These include exemption on certain agricultural produce, chemicals, fabrics, medical devices and drugs and medicines for which sufficient domestic capacity exists. Further, several concessional rates are being incorporated in the Customs Tariff Schedule itself instead of prescribing them through various notifications.