New Delhi: Union Finance Minister Nirmala Sitharaman presented the last full-fledged Union Budget of the Modi government today, before the 2024 Lok Sabha elections. Sitharaman’s budget speech outlined which items would be cheaper and which would be more expensive. ‘This is the first Budget in Amrit Kaal’, Sitharaman said opening her address, adding that inclusive development is Narendra Modi’ government’s No 1. priority.
Here is a list of products that are set to get cheaper or more expensive:
Things that are set to be costlier:
- Articles made of gold and platinum
- Articles made of silver
- Copper scrap
- Compounded rubber
- Cigarettes
- Imported electric kitchen chimney (import duty is being raised from 7.5% to 15%)
Things that will become cheaper:
- Camera lenses for phones, laptops, and DSLRs
- Parts of TV panels
- Lithium ion batteries
- Denatured ethyl alcohol
- Domestic manufacture of shrimp
- Seeds used in the manufacture of diamonds
This year’s Budget holds much significance as the country is scheduled to have the next Lok Sabha election in April-May 2024. The budget session of the Parliament began on Tuesday with the President’s address, followed by tabling of the Economic Survey for 2022-23. The formal exercise to prepare the annual Budget for the next financial year (2023-24) commenced on October 10.
The Economic Survey said India’s GDP is expected to grow in the range of 6% to 6.8% in the coming financial year 2023-24. This is in comparison to the estimated 7% this fiscal and 8.7% in 2021-22. The Economic Survey said that India’s economic recovery from the Covid pandemic is complete and the economy is expected to grow in the range of 6% to 6.8% in the coming financial year 2023-24. This is in comparison to 7% this fiscal and 8.7% in 2021-22.
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