Ms. Sitharaman’s budget 2023 address outlined which items would be more affordable and which would be more expensive.
Union Finance Minister Nirmala Sitharaman presented the Modi government’s final full-fledged Union Budget before the 2024 Lok Sabha elections today.
Ms. Sitharaman’s budget speech detailed which items would be less expensive and which would be more costly.
Here is a list of items that are about to become cheaper or more expensive:
Things that are expected to be more expensive:
- Items made from gold bars
- Imitation Jewellery
- Electric kitchen chimney
- Imported bicycles and toys
- Imports of electronic vehicles
Things that will become less expensive:
- Mobile phone components
- TV panel components
- Machinery for lithium ion batteries
- Materials for the EV industry
This year’s Budget is significant because the country’s next Lok Sabha election is scheduled for April-May 2024. The budget session of Parliament began on Tuesday with the President’s address, which was followed by the postponement of the Economic Survey for 2022-23. On October 10, the formal process of preparing the annual Budget for the next fiscal year (2023-24) began.
According to the Economic Survey, India’s GDP is expected to grow by 6 to 6.8 percent in fiscal year 2023-24. This compares to an estimated 7.7 percent this fiscal year and 8.7 percent in 2021-22.
According to the Economic Survey, India’s economic recovery from the Covid pandemic is complete, and the economy is expected to grow at a rate of 6% to 6.8% in the fiscal year 2023-24. This compares to 7% this fiscal year and 8.7 percent in 2021-22.