Union Finance Minister Nirmala Sitharaman tabled the interim budget ahead of the Lok Sabha polls later this year. This was her sixth Budget as the finance minister and last in the second term of the Modi government. However, no change was made to the tax regime and therefore there wasn't any change to the cost of goods this year.
The interim budget will take care of the financial needs of the intervening period until a government is formed after the Lok Sabha polls. A full budget will be presented by the new government.
The Budget Session of Parliament commenced on Wednesday with President Droupadi Murmu addressing a joint sitting of Lok Sabha and Rajya Sabha.
In her address, the President said 2023 was a historic year for the country and among other steps, the country kept up the momentum of being the fastest-growing major economy.
"The year 2023 was a historic year for India when it grew the fastest among major economies despite the global crisis. India grew about 7.5 per cent for two consecutive quarters," she said.
The last session before Lok Sabha polls, expected to be held in April-May this year, will have a total of eight sittings spread over 10 days.
A look at what had got cheaper or costlier in 2023:
In her 2023 Budget speech, FM Sitharaman had announced slashing custom duties on cars, smartphones, TVs and several other goods. She also announced a reduction in cess and taxes in the import of certain parts that are needed for the manufacture these products. FM Sitharaman’s announcement means cars, smartphones, TVs and other goods will likely get cheaper after the reduced duties.
FM Sitharaman announced to increase in taxes on cigarettes by 16%, which means that cigarette will get costlier. Articles made of gold, platinum got costlier. Silver doors, bars, articles, Copper scrap, Compound rubber got dearer.
