Budget 2023: In her budget speech, Union Finance Minister Nirmala Sitharaman highlighted the changes in affordability and cost for various goods and services. The budget address emphasized the key aspects of affordability and expense for the people of India. The Minister's budget speech meticulously outlined which items would be more affordable and which would have a higher price point, providing crucial information for consumers and businesses alike. The budget speech was eagerly anticipated by individuals and organizations across the country, as it provided crucial insights into the government's economic policy.
Union Finance Minister Nirmala
Sitharaman presented the final full-fledged Union Budget of the Modi government
ahead of the 2024 Lok Sabha elections, with a focus on outlining the cost
changes for various items. The budget session of the Parliament commenced with
the President's address, followed by the tabling of the Economic Survey
2022-23.
As India gears up for the next Lok Sabha election in April-May 2024,
this year's budget holds immense significance. The formal exercise to prepare
the annual budget for 2023-24 began on October 10. With the country facing
various economic challenges, the Union Budget presented by Finance Minister
Nirmala Sitharaman is expected to provide a roadmap for the country's financial
future.
In her budget speech, Ms. Sitharaman highlighted the items that are set
to become costlier and those that will become cheaper. The following is a
comprehensive list of products that will experience a change in price:
Things that are set to become more expensive:
·
Gold bars - The increase in price of gold bars is likely to impact the
jewelry industry as well as the demand for gold as an investment option.
·
Cigarettes - The increase in price of cigarettes is expected to curb
smoking habits and generate additional revenue for the government.
·
Imitation Jewellery - The price hike of imitation jewelry is likely to
impact the fashion industry and force consumers to opt for more affordable
options.
·
Silver - The increase in price of silver is expected to affect the
demand for silver in the jewelry and investment industry.
·
Electric kitchen chimneys - The rise in price of electric kitchen chimneys
is expected to impact the home appliance market.
·
Imported bicycles and toys - The price hike of imported bicycles and
toys is expected to impact the consumer goods market.
·
Electronic vehicle imports - The increase in price of electronic vehicle
imports is expected to impact the automobile industry and curb the demand for
electric vehicles.
Things that will become cheaper:
·
Parts for mobile phones - The decrease in price of parts for mobile
phones is expected to benefit consumers and the mobile phone manufacturing
industry.
·
Parts for TV panels - The decrease in price of parts for TV panels is
expected to benefit the home appliance market and consumers.
·
Machinery for lithium ion batteries - The reduction in price of
machinery for lithium ion batteries is expected to benefit the electric vehicle
industry and encourage the growth of the sector.
·
Raw materials for the EV industry - The decrease in price of raw
materials for the EV industry is expected to lower the cost of electric
vehicles and increase their popularity among consumers.
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The Economic Survey 2023-24 predicts India's GDP to grow in the range of
6 to 6.8 per cent in the coming financial year. This is in comparison to the
estimated 7 per cent growth this fiscal year and 8.7 per cent in 2021-22. The
survey highlights the various challenges faced by the country, including the
impact of the global pandemic on the economy, and the need for reforms and
investments in key sectors.
The Union Budget
presented by Finance Minister Nirmala Sitharaman outlines the cost changes for
various products and holds much significance ahead of the 2024 Lok Sabha
elections. The budget is expected to provide a roadmap for the country's
financial future and address the challenges faced by the economy. With a focus
on reducing the cost of essential goods and encouraging growth in key sectors,
the budget is expected to benefit consumers and businesses alike.