India’s Finance Minister Nirmala Sitharaman presented the Union Budget for 2024-25 today. Sitharaman has presented her seventh Union Budget for the fiscal year 2024-2025. Following this, several items have become cheaper and costlier for consumers. 

Let’s have a quick look at the full list of items that will get cheaper and costlier-
 
List Of Items That Have Become Cheaper In Budget 2024

-Duty on mobiles, chargers, and accessories cut to 15%.

-Basic Customs Duty removed on ferro nickel and blister copper.

-Expansion of exempted capital goods list for solar panel manufacturing proposed by FM.

-Custom duties are fully exempted on 25 critical minerals.

-Custom duties are fully exempted on 25 critical minerals.

-Customs duty on gold and silver reduced to 6%, and platinum to 6.4%.

-Three cancer treatment medicines exempted from basic customs duty.

-Customs duty on shrimp and fish feed reduced to 5%.

List Of Items That Have Become Costlier In Budget 2024

-Customs duty hiked on plastic products.

-Govt increases basic customs duty on specified telecom equipment to 15% from 10%.

In the previous budget, Finance Minister Nirmala Sitharaman reduced import taxes on various components, including camera lenses, to boost mobile phone manufacturing in India. Adding further, the tax rate on lithium-ion batteries, essential for phones and electric vehicles, was cut to reduce production costs.

According to the Economic Survey 2024, India’s GDP is projected to grow between 6.5% and 7% this year. Retail inflation has decreased to 5.4% in 2023-24, down from 6.7% the previous year.

The survey, presented by Finance Minister Nirmala Sitharaman on July 22, 2024, emphasized the significance of services and growth for the economy. In the Interim Budget presented on February 1, no major changes were announced by Sitharaman.