India Union Budget 2022: What gets costly, what will be cheaper

Union Budget 2022 was presented by India's Finance Minister Nirmala Sitharaman in the parliament on Tuesday (February 1). The budget was unique as it brought income from cryptocurrencies in the ambit of taxes. Introduction of digital rupee has also been included in budget 2022. A union budget has direct influence on prices of goods and it thus affects the pocket of citizens.

Indian budget 2022 is no exception to this. The provisions will result in some items getting costlier while others get cheaper.

The government has modified customs duty on several imported items.

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These imported items are set to get costlier

• Imitation Jewellery
• Single or multiple loudspeakers
• Headphones and earphones
• Smart meters
• Solar cells
• Solar modules
• X-ray machines
• Parts of electronic toys
• Umbrellas

Certain imported goods will become cheaper as customs duty has been slashed

• Frozen mussels
• Frozen squids
• Asafoetida
• Cocoa beans
• Methyl alcohol
• Acetic acid
• Cut and polished diamonds
• Camera lens for cellular mobile phone
• Mobile phone chargers
• Wearable devices
• Heavy feed stocks for petroleum refining
• Steel

With Union Budget 2022, Indian government will spend 39.45 trillion rupees ($529.7 billion) in the coming fiscal year to build public infrastructure and drive economic growth. total government spending in the 2022/23 fiscal year beginning in April will be 4.6% more than the current year.

Also Read | Indian Union Budget 2022: Digital rupee to be introduced, virtual assets to be taxed at 30%

Growth is estimated to be 9.2% for 2021/2022, coming off the low base and slowing to 8 to 8.5% in the coming fiscal year, still the fastest among the world`s major economies.

(With inputs from agencies)