Union Budget 2023: What’s Cheaper, What’s Costlier?

Union Finance Minister Nirmala Sitharaman today presented the last full-fledged Union Budget of the Modi government before the 2024 Lok Sabha elections.

Ms. Sitharaman’s budget speech outlined which items would be cheaper and which would be more expensive.

Here is a list of products that are set to get cheaper or more expensive:

Things that are set to be costlier:

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

Things that will become cheaper:

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

This year’s Budget holds much significance as the country is scheduled to have the next Lok Sabha election in April-May 2024. The budget session of the Parliament began on Tuesday with the President’s address, followed by tabling of the Economic Survey for 2022-23. The formal exercise to prepare the annual Budget for the next financial year (2023-24) commenced on October 10.

The Economic Survey said India’s GDP is expected to grow in the range of 6 to 6.8 per cent in the coming financial year 2023-24. This is in comparison to the estimated 7 per cent this fiscal and 8.7 per cent in 2021-22.

The Economic Survey said that India’s economic recovery from the Covid pandemic is complete and the economy is expected to grow in the range of 6 per cent to 6.8 per cent in the coming financial year 2023-24. This is in comparison to 7 per cent this fiscal and 8.7 per cent in 2021-22.

(With inputs from agencies)