Union Budget 2023: What's Cheaper, What's costlier?

The budget address by Finance Minister laid out which things would be more affordable and which would be more expensive

Union Budget 2023:  What's Cheaper, What's costlier?

Union Finance Minister Nirmala Sitharaman presented her fifth budget on February 01, 2023. Sitharaman said that the Union Budget 2023 is the first budget of the Amrit era. On this occasion, she announced a reduction of customs duty on many goods. So let's know which things have become cheaper and which have become more expensive in the budget.

Also Read: Budget 2023: Big Relief For Taxpayers, Income Up To 7 Lakhs Tax Free!

These items became cheaper

  • Parts for mobile phones 
  • Parts for TV panels
  • Machinery for lithium ion batteries
  • Raw materials for EV industry

These items will be expensive

  •  Articles made from gold bars
  • Cigarettes
  • Imitation Jewellery
  • Silver
  • Electric kitchen chimney
  • Imported bicycles and toys
  • Electronic vehicle imports

Finance Minister Nirmala Sitharaman also announced that the subsidies on Electric Vehicle batteries will be extended for 1 more year, making EVs cheaper in India.

"I propose to continue the concessional duty on lithium-ion cells for batteries for another year", said FM Nirmala Sitharaman.

The government will no longer levy custom duty on parts that are used to make batteries for electric vehicles, which will have a direct impact on the prices of electric vehicles. 

Meanwhile, Harshvardhan Goenka, the current chairman of RPG Group, drew a parallel between Rajamouli's RRR and Union Budget 2023 calling it as Natu Natu budget

This year's Budget is significant as the country is scheduled to have the next Lok Sabha election in April-May 2024.

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