Union Finance Minister Nirmala Sitharaman presented the Union Budget 2025-26 on Saturday, focusing on boosting India’s economic growth and transforming the nation into a ‘Viksit Bharat’ (Developed India). While the budget aims to support agriculture, MSMEs, and exports, it also brings changes in prices for several everyday items. Here’s a quick look at what will become cheaper and what will turn costlier:
What’s Cheaper?
- Life-Saving Drugs: Customs duty on 36 life-saving medicines, including those for cancer and rare diseases, has been fully exempted.
- Carrier-Grade Internet Switches: Prices will drop, boosting digital infrastructure.
- Lithium-Ion Battery Scrap, Lead, Zinc, and Critical Minerals: Duty cuts on these materials will reduce costs for industries.
- Frozen Fish and Fish Paste (Surimi): Customs duty on frozen fish paste reduced from 30% to 5%.
- Synthetic Flavouring Essences: Prices will decrease, benefiting food and beverage industries.
- Leather Products: Leather belts, shoes, and jackets will become more affordable.
- Marine Products: Duty cuts will make seafood cheaper.
- Raw Materials for Shipbuilding: Exempt from customs duty for an additional 10 years.
- Cobalt Products: Prices will drop, aiding manufacturing sectors.
What’s Costlier?
- Interactive Flat Panel Displays: Prices will rise due to increased duties.
- Knitted Fabrics: Higher duties will make these fabrics more expensive.
Recap of Last Year’s Changes:
In the previous budget, the government reduced customs duty on cancer medicines and mobile phones, making them more affordable. Imported gold, silver, leather goods, and seafood also saw price drops. However, duties on ammonium nitrate and non-biodegradable plastics were increased by 10% and 25%, respectively.