What Gets Cheaper, What Will Be Costlier: Key Highlights From Budget 2022

The Union Cabinet headed by Prime Minister Narendra Modi on February 1 approved the Budget 2022-23. The Budget was presented by Finance Minister Nirmala Sitharaman in the Lok Sabha. Sitharaman delivered the budget speech in about 92 minutes which is her shortest one so far.

While announcing a slew of measures for various sectors the Finance Minister said that India is set to clock a growth rate of 9.2 per cent, which could be the highest in the world in the current fiscal. There are many things listed to get cheaper and more expensive in the coming days.

Let’s take a look at items that got cheaper and costlier.

Cheaper

  • Clothes
  • Gemstones and diamonds
  • Farm implements
  • Mobile phones
  • Mobile recharges
  • 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

  • All imported items
  • Duty on umbrellas increased
  • Investing in cryptocurrency

Meanwhile, speaking about farmers, the Center will promote Kisan Drones, chemical-free natural farming, public-private partnerships for the delivery of digital and high-tech services to farmers across the country during the financial year 2022-23, Finance Minister Nirmala Sitharaman said on Tuesday, February 1. 

Further, she also announced Rs 2.37 lakh crore worth of MSP direct payments to wheat and paddy farmers in the Budget for FY 22-23.

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