New Delhi: On Monday, Finance Minister Nirmala Sitharaman delivered the Union Budget, which focused on four development pillars: inclusive development, productivity improvement, energy transition, and climate action.
PM Gati Shakti, Inclusive Development, Climate Action, and Energy Transition are among the four priority areas identified by Sitharaman.
The budget is described as a blueprint for India’s economy in the next 75 to 100 years.
The proposed budget has changed the price of a number of commonly used items, with some becoming more expensive and others becoming more affordable.
fuel blending:The customs duty on umbrellas has been raised by 20%, but the duty on parts has been eliminated.
Loudspeakers, ear and headphones, smart metres, solar cells and modules, X-ray machines, and parts of electronic toys will all see price increases in the near future.
Jewellery: However, with a customs duty of at least Rs 400 per kilogramme to be levied, prices of imitation jewellery are likely to rise.
Chemicals: Import duties on sodium cyanide are being raised because domestic reserves are sufficient.
Items that will become inexpensive and accessible include:
Electronics: Duty concessions on parts of transformers in mobile chargers, camera lenses in mobile camera modules, and other items are expected to be made to allow domestic production of high-growth electronic items.
Custom duty on cut and polished diamonds and gemstones will be reduced to 5%, while there will be no duty on simply sawn diamonds. In addition, by June of this year, a simplified regulatory framework will be in place to facilitate the export of jewellery via e-commerce.
Clothes, food: Food prices such as frozen mussels, frozen squids, asafoetida, and cocoa beans will fall.
Customs duties on methyl alcohol (metanol) and acetic acid have been reduced.
Items like embellishment, trimming, fasteners, buttons, zippers, lining material, specified leather, furniture fittings, and packaging boxes have been exempted from Customs duty to encourage exports.