New Delhi: Union Finance Minister Nirmala Sitharaman today presented the Union Budget 2025-26. This is the second Budget by the BJP-led NDA government since it was re-elected last year. Finance Minister Nirmala Sitharaman became the first finance minister in India’s history to deliver eight consecutive budgets. She surpassed the record previously held by Morarji Desai, who presented six consecutive budgets between 1959 and 1963.
According to Article 112 of the Constitution, the government is required to present a statement of estimated income and expenses for each financial year, which runs from April 1 to March 31, to the Parliament.
After the budget, some items will become cheaper due to tax reductions, while others could see price hikes due to increased duties or new taxes.
Here are what’s getting cheaper and what will be costlier:
What’s Cheaper?
Carrier Grade internet switches
36 life-saving medicines exempted from basic customs duty
Scrap of lithium-ion battery, Lead, Zinc, and 12 more critical minerals
Frozen fish
Frozen Fish Paste (Surimi) – Customs duty will be reduced from 30% to 5%
Also Read: Oil companies announces revised LPG cylinder prices
Synthetic flavouring essences
Leather belts
Leather shoes
Leather jackets
Marine products
Raw materials for manufacturing ships are exempt from basic customs duty for an additional 10 years
Cobalt products
What’s Costlier?
Interactive flat panel display
Knitted fabrics
Last year, the government made a major reduction in customs duty on cancer medicines and mobile phones, significantly bringing down their prices in the retail market. Imported gold, silver, leather goods and seafood also got cheaper. On the other hand, the government raised customs duty on ammonium nitrate by 10% and by 25% on non-biodegradable plastics.
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