Union Finance Minister Nirmala Sitharaman on Monday presented Union Budget 2021-22 in Lok Sabha on Monday, February 1.
This year’s Budget is unique as finance minister used a Made in India tablet to deliver a paperless Budget address, and ditched a ‘bahi khata’, that she used last year.
Union Budget 2021-22 lays down the vision for Atmanirbhar Bharat or Self reliant India. From the launch of new schemes including Aatmanirbhar Swasth Bharat Yojana, Mission Poshan 3.0, Voluntary Vehicle Scrapping Policy to the allocations for health and wellbeing, agriculture, infrastructure and other sectors, the Budget highlights Government’s ambition to make India a USD 5 trillion economy.
The Budget 2021 is also special as it was presented in challenging circumstances amidst the Covid-19 pandemic.
What Got Cheaper:
*Gold and gold dore
*Silver and silver dore,
*Iron
*steel
*nylon clothes
*copper items
*insurance
*steel utensils
*Silk and cotton
*Other precious metals like platinum and palladium, -Medical devices imported by international organisation and diplomatic missions.
* Medical devices imported by international organisation and diplomatic missions.
What will get Costlier
– Cotton ( Customs duty on cotton increased from nil to 10% and on raw silk and silk yarn from 10% to 15 per cent).
– Certain auto parts (Duty on certain auto parts increased to general rate of 15 per cent)
– Solar equipment (Duty on solar invertors raised from 5% to 20%, and on solar lanterns from 5% to 15% to encourage domestic production).
– Components of mobile phones and chargers.
“The government proposed to impose import duty on components of mobile phones and chargers, to enhance local value addition. For greater domestic value addition, we are withdrawing a few exemptions on part of chargers and sub-parts of mobiles. Further, some parts of the mobile rate will move from nil rate to moderate 2.5 per cent,” Sitharaman said.
– Electronic items
– Finished synthetic gem
Petrol and Diesel may get costlier as the budget for 2021-22 imposed a Rs 2.5 per litre Agri-infra cess on petrol, Rs 4 on diesel.
