Union Finance Minister Nirmala Sitharaman presented the Union Budget for 2025-26 on Saturday, outlining a clear roadmap for India’s economic growth. She highlighted a focus on agriculture, micro, small, and medium enterprises (MSMEs), investment, and exports. The Budget aims to accelerate India’s growth as it moves toward its goal of becoming a ‘Viksit Bharat’ (developed India).
While some items will become cheaper due to tax reductions, others may see price hikes due to increased duties or new taxes. Here’s a breakdown of what is set to get cheaper and what will become costlier:
What’s Cheaper?
- Carrier Grade Internet Switches: Price reduction expected.
- 36 Life-saving Medicines: Customs duty exemption.
- Scrap of Lithium-ion Battery, Lead, Zinc, and 12 More Critical Minerals: Price reduction due to exemption from customs duty.
- Frozen Fish: Cheaper for consumers.
- Frozen Fish Paste (Surimi): Customs duty reduced from 30% to 5%.
- Synthetic Flavouring Essences: Lower prices expected.
- Leather Belts, Leather Shoes, Leather Jackets: More affordable after duty adjustments.
- Marine Products: Reduced costs due to exemptions.
- Raw Materials for Manufacturing Ships: Exempted from customs duty for an additional 10 years.
- Cobalt Products: Duty reduction brings prices down.
What’s Costlier?
- Interactive Flat Panel Displays: Prices to rise.
- Knitted Fabrics: Customs duty increase expected.
Last year, the government made cuts to customs duties on cancer medicines and mobile phones, helping to lower prices for these essential items. Imported goods like gold, silver, leather goods, and seafood became more affordable, while duties were raised on ammonium nitrate (up by 10%) and non-biodegradable plastics (up by 25%).
