Union Finance Minister, Nirmala Sitharaman on Monday (Jan 16) presented the Union Budget for the financial year 2022-23 and announced to increase in the basic customs duty on many items which will lead to a hike in the price of some items, while prices of some commodities will see a dip. Many commonly used items such as mobile phones, chargers, and clothes will be available at a lower price. Even chemicals like methanol, acetic acid and heavy feedstocks for petroleum refining will also get cheaper.
While presenting the Union Budget on Tuesday, Sitharaman also informed that India is set to clock a growth rate of 9.2 per cent, which could be the highest in the world in the current fiscal. With a focus on four pillars of development — inclusive development, productivity enhancement, energy transition and climate action — the Budget give a blueprint of the economy from India at 75 to India at 100.
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Union Budget 2022: Items to get cheaper
- Clothes
- Leather Goods
- Gem stones and Diamonds
- Imitation jewellery
- Custom duties on chemicals needed for petroleum products
- Concessional customs duty on steel scrap
- Machines from foreign nations
- Farming goods
- Mobile phones and chargers
- Co-operative surcharge reduced from 12% to 7%
- Domestic electronic wearable devices
- Hearable devices and electronic smart meters
- Frozen mussels and squids
- Asafoetida
- Cocoa beans
Union Budget 2022: Items to cost more
- All imported items
- Duty on umbrellas increased
- Single or multiple loudspeakers
- Headphones and earphones
- Smart meters
- Solar cells
- X-ray machines
