Union Budget 2023-24: Find Out What’s Getting Cheaper and What’s Getting More Expensive

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Impact of Union Budget 2023-24 on Daily Spending

Union Finance Minister Nirmala Sitharaman presented the Union Budget for the fiscal year 2023-24 in Parliament. This year’s budget, like the previous two years, is a paperless budget that is available to the public via a mobile application on both android and iOS smartphones.

Impact on Goods

Sitharaman proposed reducing the number of basic customs duty rates on goods, other than textiles and agriculture, from 21% to 13%. This resulted in minor changes in the basic customs duties, cesses, and surcharges on items such as toys, bicycles, and automobiles. The items that are expected to get costlier include private jets, helicopters, jewelry, high-end electronic items, and vitamins, among others.

Here’s what got cheaper and dearer in Union Budget 2023-24:

Electric kitchen chimney Camera, Lens of Mobile Phones
Articles made of gold, platinum Parts of open cells of TV Panels
Silver doors, bars, articles Denatured ethyl alcohol
Copper scrap Acid grade fluorspar
Compounded rubber Domestic manufacture of shrimp
Cigarettes Seeds used in the manufacture of diamonds

Impact on Previous Years

In 2022, items such as single or multiple loudspeakers, headphones, and imitation jewelry got costlier, while clothes, mobile phone chargers, and frozen mussels got cheaper. In 2021, electronics items, mobile, leather shoes, and kabuli chana got dearer, while iron & steel, nylon clothes, copper items, and electricity got cheaper. In 2020, items such as cigarettes, footwear, and furniture got costlier, while raw sugar, agro-animal-based products, and soya fiber got cheaper.

Here’s what got dearer and cheaper in 2022:

Single or multiple loudspeakers Clothes
Headphones and earphones Mobile phone chargers
Umbrella Frozen mussels
Imitation Jewellery Frozen squids
Smart meters Asafoetida
Solar cells Cocoa beans
Solar modules Methyl Alcohol
X-ray machines Cut and polished diamonds
Parts of electronic toys Camera lens for cellular mobile phone

Here’s what got dearer and cheaper in 2021:        ​

Electronics item Iron & Steel
Mobile Nylon clothes
Mobile charger Copper items
Leather shoe Insurance
Kabuli Chana Electricity
 Steel Utensils

Here’s what got cheaper and dearer in 2020:

Cigarettes, tobacco products Raw sugar
Footwear Agro-animal based products
Medical equipment Tuna bait
Furniture Skimmed Milk
Ceiling fans Certain alcoholic beverages
Tableware/kitchenware made of porcelain or China ceramic, clay iron, steel, copper Soya fibre, Soya protien

Impact on Agriculture

A report by Free Press Journal suggests that this year’s budget is expected to come with a significant reduction of $17 billion in subsidies provided for food and fertilizer. Given the impact of rains and floods on crops and higher input costs for agriculture, food inflation may worsen this year.

Impact on Clothing and Housing

The wardrobe or clothes industry seeks a fund for the cost stabilizationization of cotton and removal of 11% import duty on cotton to restore duty-free imports against exports. The outcome of these demands will affect the cost of clothes and apparel for the year. The possible reduction of GST on supplies such as cement and steel will impact the construction cost, leading to low-cost housing for consumers.

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