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Finance Minister Nirmala Sitharaman on Wednesday, 1 February, presented the Union Budget 2023-24. This was the last full-fledged budget of the Narendra Modi-led National Democratic Alliance (NDA) government before the 2024 Lok Sabha elections.
Sitharaman, in her speech, detailed items which are set to be cheaper and those which will be more expensive for consumers.
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What's Getting Cheaper?
Camera lenses for phones, laptops, and DSLRs
Parts of TV panels
Lithium ion batteries
Denatured ethyl alcohol
Domestic manufacturing of shrimp
Seeds used in the manufacture of diamonds
While the customs duty on parts of open cells of TV panels has been cut to 2.5 percent, the government also announced a reduction of duty on the import of certain inputs for mobile phone manufacturing.
The custom duty on shrimp feed was also reduced to promote exports.
Things Set To Be Costlier
Articles made of gold and platinum
Articles made of silver
Imported electric kitchen chimney
The finance minister announced that the taxes on cigarettes will be hiked by 16 percent and the import duty on compounded rubber will go up to 25 percent from 10 percent.
The budget session of the Parliament began on Tuesday, 31 January, with the president's address, followed by tabling of the Economic Survey for the year 2022-23.