Basic customs duties have been increased on items made from gold bars.
Union Finance Minister Nirmala Sitharaman today presented the final official Union Budget of the Modi government ahead of the Lok Sabha elections of 2024.
Sitharaman’s budget speech outlined which items will be cheaper and which will cost more.
Here is a list of products that are set to be cheaper or more expensive:
Things that are set to be more expensive:
Products made from gold bars
cigarette
fake jewelry
The silver
Electric stove chimney
Imported bicycles and toys
Imported e-cars
Things that will become cheaper:
Parts for mobile phones
Parts for TV panels
Machinery for lithium ion batteries
Raw materials for the EV industry
This year’s budget is of great significance as the country is scheduled to have its next Lok Sabha election in April-May 2024. The Parliamentary budget session begins Tuesday with a speech. Presidential agenda, followed by the tabulation of the Economic Survey for 2022-23. The official activity to prepare the Annual Budget for the next fiscal year (2023-24) commenced on 10 October.
Economic Survey says India’s GDP is expected to grow between 6 and 6.8% in the upcoming fiscal year 2023-2024. This compares with estimates of 7% this fiscal and 8.7% in 2021-22.
India’s economic recovery from the Covid-19 pandemic is complete and the economy is expected to grow between 6% and 6.8% in the fiscal year 2023- an economic survey, the Economic Survey says. 2024 is coming. This compares with 7% this fiscal and 8.7% in 2021-22.
(With input from agencies)
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