Nirmala Sitharaman, the finance minister, introduced the 2023 budget on Wednesday and made revisions to a number of levies and taxes. In Lok Sabha, she delivered her fifth consecutive budget. The “Union Budget for 2023–24” predicts that a significant number of everyday commodities will increase in price while some products will decrease in price as a result of the government’s reduction in customs duties.
Here’s a list of items that will become cheaper:
• The price of mobile phones and televisions that are manufactured in India
• Ether that has been denatured
• Fluorspar of acidic grade
• Shrimp feed
• Lab-produced diamonds
• Fish lipid oil, which is consumed in manufacturing aquatic feed
• Equipment for producing lithium-ion batteries for use in electric vehicles
• The raw ingredients used to make CRGO are iron scrap, nickel cathode, and steel.
List of Items which became dearer:
• Fully imported automobiles, including electric ones (EV)
• Kitchen fireplace
• Bicycles and toys imported
• Gold- and platinum-based items
• Artificial Jewellery
• Doors, bars, and items made of silver
• Copper scrap
• rubber compound
• Smoking products and Cigarettes
The next Lok Sabha election is scheduled for April or May of 2024, making “Budget 2023” the last full budget of the Modi administration’s second term.
The Indian economy has fully recovered from the COVID-19 pandemic, according to Ms. Sitharaman, who earlier on Tuesday submitted the Economic Survey for the Financial Year 2022–23 to the Lok Sabha, and in the upcoming fiscal year 2023–24, the GDP is predicted to increase by 6-6.8%. Compare it to the predicted 7% for this fiscal year and the predicted 8.7% for 2021–2022.