Union Finance Minister Nirmala Sitharaman presented Modi Government’s last full-fledged Union Budget before 2024 Lok Sabha elections. However, the Union Budget has established the framework for Aatmanirbhar Bharat and is straightforward in nature and intent, which will support the nation’s domestic manufacturing industry.
Taxes on electronic goods/ strategic interest reduced to encourage manufacturing
The nation’s long-term trade and commerce interests were taken into account in this savvy budget. However, following this Budget, the cost of cigerrates will skyrocket. The import tariff on kitchen chimneys has increased from 7.5% to 15%, which is another important point to remember. The government has made it quite clear that India will put more of an emphasis on growing its domestic economy and manufacturing base.
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Products which impact Hard Earned Foreign currency made expensive
Union Budget lays down foundation for Aatma Nirbhar Bharat and has laid the roadmap for India’s transformational journey in 2047, i.e. Amrit Kaal which Nirmala Sitharaman mentioned in her Budget presentation.
Things that are set to be costlier:
- Articles made of gold and platinum
- Articles made of silver
- Copper Scrap
- Compounded rubber
- Cigarretes
Imported electric kitchen chimney (import duty is being raised from 7.5%) to 15%
Things that will become cheaper:
- Parts of TV panels
- Lithium ion batteries
- Denatured ethyl alcohol
- Domestic manufacture of shrimp
- Seeds used in the manufacture of diamonds
Keeping in line with Government of India’s intent to boost local manufacturing Mobile, TV, LED, Electronic Vehicles will be cheap and intent of the Government looks forward to spur private investment in electronic goods manufacturing and discourage cheap imports of electronic goods which flooded the markets.
Other intent of the budget is to ensure energy security of the country by reducing the taxes on Lithium ion batteries , which will encourage manufacturing of electronic vehicles.
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