On Monday, January 16, Union Finance Minister Nirmala Sitharaman presented the Union Budget for the fiscal year 2022-23. She announced an increase in the basic customs duty on many items, which will raise the price of some items while decreasing the price of others.
A lot of things that are used frequently, like mobile phones, clothes, and chargers, will be cheaper. Heavy feedstocks for petroleum refining and other chemicals like methanol and acetic acid will also become less expensive.
India is expected to experience the highest growth rate in the world this fiscal year, according to Sitharaman, who presented the Union Budget on Tuesday. The Budget provides a blueprint for India’s economy from 75 to 100 with a focus on four pillars of development: inclusive development, productivity enhancement, energy transition, and climate action.
Union Budget 2022 Items that can be purchased at a lower price include leather goods, imitation jewelry, gemstones and diamonds, chemicals required for petroleum products, concessional customs duties on steel scrap, and machines from other countries. Foreign agricultural goods include mobile phones and chargers. The cooperative surcharge has been reduced from 12 percent to 7 percent.
Items that will increase in price include everything imported, umbrellas, single or multiple loudspeakers, headphones, and earphones, smart meters, solar cells, and X-ray machines.
