Union Finance Minister Nirmala Sitharaman today presented the last full Union Budget for the Narendra Modi government before 2024 Lok Sabha polls to be held in 2024.
The Finance Minister has tweaked Customs duties in the budget to correct the inverse duty structure in order to boost domestic manufacturing.
While the Customs duty has been raised on some items, it has been increased on others which is expected to impact the prices of these goods.
Goods that are set to be costlier:
Articles made of gold and platinum
Articles made of silver
Imported electric kitchen chimney as the Customs duty has been doubled from 7.5% to 15%.
Goods that will turn cheaper as Customs duty has been cut:
Camera lenses for phones, laptops, and DSLRs that will help boost the production of smartphones and other electronic goods.
Parts of TV panels
Lithium ion batteries
Denatured ethyl alcohol
Domestic manufacture of shrimp
Seeds used in the manufacture of diamonds
Some of these goods are used as inputs for the manufacture of mobile phones, TV sets and electric vehicles which in turn can be expected to become cheaper.