Watch | Budget 2023 | What’s cheaper and what’s costlier?

Watch | Budget 2023 | What’s cheaper and what’s costlier?

Customs duties on articles made from bars of gold and platinum have been increased.
| Photo Credit:
PTI

Union Finance Minister Nirmala Sitharaman presented her fifth straight Budget on Wednesday in Lok Sabha. A large number of commonly used items will become more expensive and certain goods will become cheaper as the government has slashed the customs duty according to the Union Budget 2023-24.

Here’s is a list of items that will become cheaper and costlier.

What’s cheaper

• 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

What’s dearer

• 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

Budget 2023 is the last full Budget of the Modi government in its second term with the next Lok Sabha election due in April-May of 2024.

Earlier on Tuesday, Ms. Sitharaman tabled the Economic Survey for the Financial Year 2022-23 in the Lok Sabha, stating that the economic recovery of India from the Covid-19 pandemic is complete and the economy is expected to grow in the range of 6 to 6.8% and in the coming financial year 2023-24. This is in comparison to the estimated 7% this fiscal and 8.7% in 2021-22.