Union Budget 2023 latest updates: Union Finance Minister Nirmala Sitharaman is set to present the Union Budget 2023-24 in Parliament today (February 1). Sitharaman will present the Union Budget for the fifth time today. It is to be noted that Union Budget 2023-24 will be PM Narendra Modi-led government’s last full-fledged Budget before 2024 Lok Sabha polls.
According to Economic Times, the price of some non-essential items would be increased in this fiscal year. Private jets, helicopters, jewellery, high end electronic items, high gloss paper and vitamins are likely to get costlier in this fiscal year.
Sitharaman will present a paper-less budget this time too and the Union Budget 2023-24 will be available to people via a mobile application on both android and iOS smartphones.
In Financial Year 2023, it is expected that import tariffs will be raised on items like imitation jewellery, umbrellas and earphones.
Hours before the presentation of Union Budget 2023-24, let’s take a look at what got cheaper and dearer in 2022.
Here’s what got dearer and cheaper in 2022:
Dearer:
Single or multiple loudspeakers
Headphones and earphones
Umbrella
Imitation Jewellery
Solar cells
Solar modules
X-ray machines
Parts of electronic toys
Cheaper
Clothes
Mobile phone chargers
Frozen mussels
Frozen squids
Cocoa beans
Methyl alcohol
Cut and polished diamonds
Camera lens for cellular mobile phone
Free Press Journal reported that Union Budget 2023-24 would come with a reduction of $17 billion in subsidies which the Centre provides for food and fertiliser.
