Finance Minister Nirmala Sitharaman presented the Union Budget 2021-22 in Lok Sabha on Monday, February 1.
Presenting the first paperless Budget, Sitharaman said that the budget proposals for the financial year 2021-22 rest on six pillars — health and well-being, physical and financial capital and infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation and R&D, and ‘Minimum Government, Maximum Governance’.
As proposed by Finance Minister Nirmala Sitharaman in the Union Budget, some of the items that will become cheaper after the government reduced customs duty include gold and silver.
Meanwhile, a large number of items, including refrigerators, air conditioners, LED lights and mobile phones, will become more expensive due to hike in customs duty.
Here’s a list of what gest costlier and what’s cheaper:
- Compressors for refrigerators and air conditioners
- LED lamps
- Raw silk and cotton
- Solar inverters and lanterns
- Automobile parts
- Mobile phones and charger components
- Ink cartridges and ink spray nozzle
- Finished leather products
- Gems and precious stones
- Iron, Steel and Copper items
- Nylon clothes
- Agricultural equipment