Union Budget 2022: Here's list of things to get cheap and expensive

Finance Minister Nirmala Sitharaman, on Tuesday, February 1, presented her fourth Budget in Parliament.

This budget, which majorly focuses on promoting Digital India, is also an attempt to provide relief to the people affected by inflation.

Sitharaman in her speech announced a host of changes in customs duty which will effectively raise or bring down the prices of some essential commodities.

While presenting the budget 2022-23, Union Finance Minister Nirmala Sitharaman stated, “India’s economic growth in the current year is estimated to be 9.2 per cent, highest among all large economies.”

Import duty on chemicals has been reduced, customs duty on gold and polished diamonds, gems would be reduced to 5 per cent.

Here’s the list of things that would see a price change in FY 22-23:

Cheaper:

• Clothes
• Mobile Phone and Charges
• Camera lens
• Gems and Diamonds
• Imitation Jewelry
• Leather
• Boots
• LPG cylinder
• Domestic electronic wearable devices, wearable devices and electronic smart meters
• Custom duties on chemicals needed for petroleum products
• Custom duties on certain chemicals, including methanol
• Concessional customs duty on steel scrap extended for 1 year

Costlier:

• Umbrella: Duty on umbrellas is being raised to 20 per cent.
• All imported items
• Electric Vehicles (EV) such as cars, bikes, scooters