Finance minister Nirmala Sitharaman presented the Union Budget on Monday that focused on four pillars of development inclusive development, productivity enhancement, energy transition, and climate action.
Sitharaman had laid down PM Gati Shakti, Inclusive Development, Climate Action, and Energy Transition, as among the four priority areas. The budget is said to be a blueprint of India’s economy at 75 years to a century.
A cost of a number of commonly used items has been affected by the proposed budget with a few becoming costlier and a few becoming more affordable.
Items that will become more costly:
Items that will cost more with the proposed budget, include unblended petrol and diesel as the government attempts to promote the blending of fuels.
Custom duty on Umbrellas has been increased by 20 percent however duty on parts has been withdrawn.
Electronics:
The prices of loudspeakers, ear and headphones, smart meters, solar cells and modules, X-ray machines, and parts of electronic toys, will witness a hike in the near future.
Jewellery:
However, prices of Imitation Jewelry are likely to witness a hike with a customs duty of at least rupees 400 per kilogram that will be levied.
Chemicals:
Duty over the imports of Sodium cyanide is being increased as there are sufficient domestic reserves.
Items that will become cheap and affordable:
Electronics:
Duty concessions are going to be made over parts of transformer of mobiles chargers, camera lens of mobile camera modules and certain other items are expected to fall to enable domestic manufacturing of high growth electronic items.
Jewellery:
Custom duty on cut and polished diamonds and gemstones will be reduced to five percent and no duty will be imposed on simply sawn diamonds. Additionally, a simplified regulatory framework to facilitate the export of jewelry through e-commerce will be implemented by June this year.
Clothes,
Food:
Prices of food items like Frozen mussels, Frozen squids, asafoetida, Cocoa beans will witness a decrease.
Chemicals:
Custom duty on Methyl alcohol (metanol) and Acetic acid has been reduced.
To incentivize exports, items such as embellishment, trimming, fasteners, buttons, zipper, lining material, specified leather, furniture fittings, and packaging boxes have been given certain exemptions from Customs duty.
