India’s Finance Minister Nirmala Sitharaman presented the Union Budget 2023 in the Parliament on Wednesday (February 1). While several things, including cigarettes, gold, silver, platinum items and electric chimneys have become costlier after the announcement of new government policies, a host of daily-use items have become cheaper also.

India’s Finance Minister Nirmala Sitharaman presented the Union Budget 2023 in the Parliament on Wednesday (February 1). While several things, including cigarettes, gold, silver, platinum items and electric chimneys have become costlier after the announcement of new government policies, a host of daily-use items have become cheaper also. The government has emphasised on promoting Made-In-India goods as it has increased import duty on several items but decreased taxes on domestically-made items. Here’s a list of 7 household daily-use items that have become cheaper after today’s Union Budget 2023. Lithium-ion batteries have become cheaper. This means every household item using Lithium-ion batteries, including mobile phones, power banks, and audio gadgets will become cheaper. TV Panels and LED TVs will be less dearer. The government wants to encourage the use of Electric Vehicles and green energy. So, it has decreased taxes on EVs and biogas. Automobile: If you are planning to buy a new car, bike or any automobile, then here’s great news for you. The government has slashed the customs duty on automobile import, which means imported automobile vehicles will now become cheaper. Camera lens: This will lead to cheaper mobile phones and cameras in the country. Electronic items: The government has slashed taxes on electronic items, which means that it’s the best time for you to buy electronic items. No additional taxes on laptops, mobile phones and personal gadgets: In a big relief for Indian consumers, the Indian FM didn’t announce additional taxes on personal gadgets. So, these items won’t get costlier this year. Heat coils will become less expensive but electric kitchen chimneys will cost more. To assist ethanol blending and energy changes, denatured ethanol will become cheaper. The largest export growth in the previous fiscal years was recorded by marine items, particularly shrimp, which benefited the farmers. As a result, the raw materials used to produce shrimp at home will now be available at cheaper rates. To support the Indian diamond industry, diamond seeds used in the production of lab-grown diamonds would also become cheaper. The finance minister of India stated that the lab-grown diamond business holds "huge promise for the nation" during her statement on the Indian Union Budget 2023. WATCH WION LIVE HERE

Union Budget 2023: 7 household items that have become cheaper, check full list now

India's finance minister, Nirmala Sitharaman, on Wednesday presented her fifth budget and her&nbsp;speech, which lasted 87 minutes, also turned out to be her shortest one so far. Sitharaman's budget speech in 2022&nbsp;was close to 92 minutes, which at that time was the shortest. A year earlier, in 2021, she spoke for 110 minutes (or an hour and 50 minutes).

Watch |&nbsp;Exclusive | Union Budget 2023: Sanjiv Bajaj, President of CII speaks to WION

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The finance minister also holds the&nbsp;record for the longest budget speech in India's history. In 2020, her speech was clocked at 2 hours and 40 minutes; because of her health, she was actually forced to cut it short and take a breather.

With this budget, she also became the sixth Finance Minister of Independent India to present five consecutive financial statements.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/mahila-samman-saving-certificate-india-encourages-women-to-increase-savings-know-everything-about-it-557909">Mahila Samman Saving Certificate: India encourages women to increase savings. Know everything about it</a>

Other ministers to have achieved that feat are Arun Jaitley, P Chidambaram, Yashwant Sinha, Manmohan Singh and Morarji Desai.

However, the record is held by former Prime Minister Morarji Desai who holds the record for presenting 10 budgets—the maximum by any Finance Minister.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-budget-2023-increase-in-funds-for-maldives-bhutan-support-for-afghanistan-continues-557859">India Budget 2023: Increase in funds for Maldives, Bhutan, support for Afghanistan continues&nbsp;</a>

Sitharaman is only the second woman to have presented the budget in independent India. The first was former Prime Minister&nbsp;Indira Gandhi who presented the financial statement for the financial year 1970-71.

This year's speech was Sitharaman's last full-fledged budget speech of the current government as the country will be holding its general elections next year.

(With inputs from agencies)

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India's finance minister, Nirmala Sitharaman, on Wednesday presented her fifth budget and her speech, which lasted 87 minutes, also turned out to be her shortest one so far.

India's finance minister, Nirmala Sitharaman, on Wednesday presented her fifth budget and her speech, which lasted 87 minutes, also turned out to be her shortest one so far. Sitharaman's budget speech in 2022 was close to 92 minutes, which at that time was the shortest. A year earlier, in 2021, she spoke for 110 minutes (or an hour and 50 minutes). Watch | Exclusive | Union Budget 2023: Sanjiv Bajaj, President of CII speaks to WION The finance minister also holds the record for the longest budget speech in India's history. In 2020, her speech was clocked at 2 hours and 40 minutes; because of her health, she was actually forced to cut it short and take a breather. With this budget, she also became the sixth Finance Minister of Independent India to present five consecutive financial statements. Also read | Mahila Samman Saving Certificate: India encourages women to increase savings. Know everything about it Other ministers to have achieved that feat are Arun Jaitley, P Chidambaram, Yashwant Sinha, Manmohan Singh and Morarji Desai. However, the record is held by former Prime Minister Morarji Desai who holds the record for presenting 10 budgets—the maximum by any Finance Minister. Also read | India Budget 2023: Increase in funds for Maldives, Bhutan, support for Afghanistan continues Sitharaman is only the second woman to have presented the budget in independent India. The first was former Prime Minister Indira Gandhi who presented the financial statement for the financial year 1970-71. This year's speech was Sitharaman's last full-fledged budget speech of the current government as the country will be holding its general elections next year. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

At 87 minutes, this year’s Union Budget speech is Nirmala Sitharaman’s shortest

India's Finance Minister Nirmala Sitharaman on Tuesday (February 1) introduced the Finance Bill 2022, which is deemed as a pro-growth Budget with an emphasis on capital expenditure and investments to power the country's GDP growth forward amid the ongoing coronavirus (COVID-19) pandemic.&nbsp;

Rajyavardhan Singh Rathore, who is a leader of the ruling party Bharatiya Janata Party (BJP) called it&nbsp;a budget for the "common man".&nbsp;

He said, "With an increase of 35% in infrastructure, to automatically accelerate the economy. It's a booster shot that will pace up manufacturing in the country, keeping the country's money in the country."&nbsp;

Another BJP leader and minister of law Kiren Rijiju said it is an inclusive Budget that takes care of the interests of every section of society including the poor, rural and border areas.&nbsp;

But how will the Budget 2022-2023 will impact the common man and middle class? Here's a report:&nbsp;

Taxation: There are no changes in income tax slabs and rates.&nbsp;

Those who want to file updated tax returns can do it for 2 years from the end of the assessment year. India's FM also said that the incomes that might have been missed out can be declared.&nbsp;

Differently-abled people: Payment of annuity and lump sum amount from insurance scheme to be allowed to differently-abled dependent during the lifetime of parents/guardians, i.e., on parents/ guardian attaining the age of 60 years.&nbsp;

Parity in National Pension Scheme Contribution: Tax deduction limit increased from 10 per cent to 14 per cent on employer's contribution to the NPS account of State Government employees.&nbsp;

Employment: Productivity Linked Incentive (PLI) scheme in 14 sectors to create 60 lakh jobs. Digital Ecosystem for Skilling and Livelihood (DESH-Stack e-portal) will be launched to empower citizens to skill, reskill or upskill through online training.&nbsp;

Health: An open platform for National Digital Health Ecosystem to be rolled out. 'National Tele Mental Health Programme' for quality mental health counselling and care services to be launched.&nbsp;

Housing: Rs 48,000 crore allocated for completion of 80 lakh houses in 2022-23 under PM Awas Yojana.&nbsp;

Crypto investment: On cryptocurrency exchanges and apps, which are luring millions into investing in digital tokens, the Indian government announced a 30 per cent tax on any income from the transfer of virtual digital assets, specifying that no deductions and exemptions will be allowed.&nbsp;

"Accordingly, for the taxation of virtual digital assets, I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent," Sitharaman said.&nbsp;

"No deduction in respect of any expenditure or allowance shall be allowed while computing such income except cost of acquisition. Further, loss from transfer of virtual digital assets cannot be set off against any other income," she stressed.&nbsp;

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India's Finance Minister Nirmala Sitharaman on Tuesday (February 1) introduced the Finance Bill 2022, which is deemed as a pro-growth Budget with an emphasis on capital expenditure and investments to power the country's GDP growth forward amid the ongoing coronavirus (COVID-19) pandemic.

India's Finance Minister Nirmala Sitharaman on Tuesday (February 1) introduced the Finance Bill 2022, which is deemed as a pro-growth Budget with an emphasis on capital expenditure and investments to power the country's GDP growth forward amid the ongoing coronavirus (COVID-19) pandemic. Rajyavardhan Singh Rathore, who is a leader of the ruling party Bharatiya Janata Party (BJP) called it a budget for the "common man". He said, "With an increase of 35% in infrastructure, to automatically accelerate the economy. It's a booster shot that will pace up manufacturing in the country, keeping the country's money in the country." Another BJP leader and minister of law Kiren Rijiju said it is an inclusive Budget that takes care of the interests of every section of society including the poor, rural and border areas. But how will the Budget 2022-2023 will impact the common man and middle class? Here's a report: Taxation: There are no changes in income tax slabs and rates. Those who want to file updated tax returns can do it for 2 years from the end of the assessment year. India's FM also said that the incomes that might have been missed out can be declared. Differently-abled people: Payment of annuity and lump sum amount from insurance scheme to be allowed to differently-abled dependent during the lifetime of parents/guardians, i.e., on parents/ guardian attaining the age of 60 years. Parity in National Pension Scheme Contribution: Tax deduction limit increased from 10 per cent to 14 per cent on employer's contribution to the NPS account of State Government employees. Employment: Productivity Linked Incentive (PLI) scheme in 14 sectors to create 60 lakh jobs. Digital Ecosystem for Skilling and Livelihood (DESH-Stack e-portal) will be launched to empower citizens to skill, reskill or upskill through online training. Health: An open platform for National Digital Health Ecosystem to be rolled out. 'National Tele Mental Health Programme' for quality mental health counselling and care services to be launched. Housing: Rs 48,000 crore allocated for completion of 80 lakh houses in 2022-23 under PM Awas Yojana. Crypto investment: On cryptocurrency exchanges and apps, which are luring millions into investing in digital tokens, the Indian government announced a 30 per cent tax on any income from the transfer of virtual digital assets, specifying that no deductions and exemptions will be allowed. "Accordingly, for the taxation of virtual digital assets, I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent," Sitharaman said. "No deduction in respect of any expenditure or allowance shall be allowed while computing such income except cost of acquisition. Further, loss from transfer of virtual digital assets cannot be set off against any other income," she stressed. ×

How Budget 2022-2023 will impact the common man and middle class in India?