Finance Minister Nirmala Sitharaman on February 1 presented the Union Budget 2021-22 in the Lok Sabha. While this Budget is unique for a number of reasons including it being the first paperless budget, it is also significant for being presented whilst the country battles the COVID-19 pandemic.
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Take a look at what is set to get cheaper and expensive:
Items like Iron, steel, nylon clothes, copper items, insurance, electricity, steel utensils are set to get cheaper.
There is also a slash in customs duty to 7.5 percent on imports of semi, flat and long products of non-alloy, alloy and stainless steel. This would mean that such items would get cheaper.
Same applies for gold, as customs duty for it has been cut to 10 percent.
Imported products like compressors for refrigerators and air conditioners (ACs), alcoholic beverages, raw silk, spandex fibre, LED lamps, solar lanterns, mobile phones and power banks are set to cost higher as Nirmala Sitharaman proposed an increase in customs duty on a range of items.
Imported alcoholic beverages are also set to get more expensive.
This is in line with what was in the previous budget, where the minister had hiked duty on products like fans, refrigerators, lamps, medical equipment, toys, cigarettes, headphones, ovens and mixer grinders. The hike in customs duty is expected to motivate manufacturers to make these products in India.