• Wed. Mar 22nd, 2023

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Union Budget 2022 Announcement: What gets cheaper and what’s costlier

Union Budget 2022

The Union Budget is finally out. Finance Minister Nirmala Sitharaman on February 1 presented the Union Budget 2022. This was the fourth budget presented by the Narendra Modi-led BJP government in its second tenure. It should be considered a special one too, as it was presented amid challenging pandemic circumstances.

This year’s budget was unique, like last year. The Finance Minister used a Made in India tablet to deliver a paperless Budget address and ditched the regular ‘Bahi Khata’ ritual that was used earlier.

The fiscal year will begin on April 1, 2022. In the announcement, infrastructure emerged as the top priority, followed by Healthcare and Education.

The budget 2022 also showed the importance of digital operations such as e-bills, e-vehicles and e-vidya.

The budget for 2022-23 will lay the foundation for economic growth through public investment as Asia’s third-largest economy emerges from a pandemic-induced slump.

The Indian economy is expected to grow 9.2% in the fiscal year that ends in March, after contracting 7.3% the previous year.

Union Budget 2022: List of things that got cheaper

  • Clothes
  • Mobile phone
  • Mobile phone chargers
  • Steel scraps
  • Custom duties on chemicals needed for petroleum products
  • Gemstones
  • Diamonds
  • Leather goods
  • Camera lens
  • Frozen mussels
  • Frozen squids
  • Asafoetida
  • Cocoa beans
  • Methyl alcohol
  • Acetic acid

Union Budget 2022: List of things that got costlier

  • Duty on Umbrellas increased
  • Custom duty on imitation jewellery raised to discourage their imports
  • Single or multiple loudspeakers
  • Headphones and earphones
  • Smart meters
  • Solar cells
  • Solar modules
  • X-ray machines
  • Parts of electronic toys

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