NEW DELHI: Union Finance Minister Nirmala Sitharaman presented her 5th consecutive Budget on Feburary 1in Lok Sabha. A large number of commonly used items will become cheaper and certain goods become more expensive, as the government has reduced the customs duty according to the Union Budget 2023-24.
Here’s is a list of items that will become cheaper and costlier.
The dearer or costlier items include: Fully imported cars, including electric vehicles (EV), Kitchen chimney, Imported bicycles and toys, Articles made of gold, platinum, Imitation jewellery, Silver dores/ bars/ articles, Copper scrap, Compounded rubber, Cigarettes.
The cheaper items include - Mobile phones and TV sets manufactured in India, Denatured ethyl alcohol, Acid grade fluorspar, Shrimp feed, Lab-grown diamonds, Fish lipid oil used in manufacturing aquatic feed, Machinery for manufacturing lithium-ion cell to be used in electric vehicles, Raw materials for manufacture of CRGO Steel, ferrous scrap and nickel cathode.
Budget 2023 is the last comprehensive Budget of BJP-led Narendra Modi government in its second term with the next Lok Sabha election due in April-May of 2024.
The Indian economy has fully recovered from the Covid-19 pandemic, said. Sitharaman, who earlier on Tuesday submitted the Economic Survey for the Financial Year 2022–23 to the Lok Sabha. She predicted that the economy will expand between 6 and 6.8% in the upcoming fiscal year 2023–24. This contrasts with the predicted 7% for this fiscal year and the 8.7% for 2021–2022.
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