Union Budget 2022: What Gets Cheaper, What’s Costlier
The Union Cabinet headed by Prime Minister Narendra Modi approved the Union Budget 2022-23 today. Finance minister Nirmala Sitharaman announced the Budget for the fiscal year beginning 1 April.
Sitharaman announced changes in customs duty which will effectively raise or bring down the prices of some essential commodities. She wrapped up the speech in 92 minutes.
What gets cheaper under the new budget
A large number of commonly used items, including smartphones and mobile phone chargers, are set to become cheaper. Duty concessions are being given to parts of the transformer of mobile phone chargers.
Customs duty on cut and polished diamonds, gems to be reduced to 5 per cent, which means polished gems will get cheaper. While presenting the Union Budget in Lok Sabha, Sitharaman announced an extension of the exemption on implements and tools for the agriculture sector manufactured in the country. Clothes are also set to become cheaper.
What gets costlier under the new budget
Some items are set to be costlier like imported items and umbrellas. Duty on umbrellas to be raised to 20 per cent. Exemption to parts of umbrellas is being withdrawn.
Railways will develop new products for small farmers. Reportedly, 400 New Generation Vande Bharat trains will be introduced in the country.
Taxpayers can now file an updated return within 2 years from the relevant assessment year to correct any error. Digital rupee to be issued using blockchain and other technologies will be issued by RBI (Reserve Bank of India) starting 2022-23. A National Tele Mental Health program will also be introduced this year for helping people who suffer from mental health problems.
The Indian economy is expected to grow 9.2% in the fiscal year that ends in March. With steadily increasing poverty and unemployment rates, all eyes were set on Budget 2022 as a beacon of hope for the revival of the economy.