June 27, 2022

The change in the dynamics of the prices post the Budget 2021 declaration

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Finance Minister Nirmala Sitharaman presented the Union Budget 2021-22 on February 1, according to which there will be a change in the dynamics of the prices of various items. So, for the current financial year, some regularly used items which comprises of refrigerators, air conditioners, LED lights and mobile phones will become expensive as there will be a hike on customs duty for the imported parts, thereby adhering to the budget.

Alongside, due to rationalization in customs duty on importing precious metals like gold, silver, their prices are anticipated to become quite cheaper.

Based on the proposed Budget 2021-22, the items – Compressors used in refrigerators and air conditioners, LED lamps and parts and spares like printed circuit board, Raw silk and cotton, solar inverters and lanterns will become more expensive as compared to other imported items. Adding to the list are also Automobile parts comprising of safety and toughened glass, windscreen wipers, signalling equipment, after which mobile phone parts (PCBA, camera module, connectors, side keys, back covers), mobile phone charger components, inputs or raw materials of Lithium-ion battery, ink cartridges and ink spray nozzle, plastic builder wares, nylon fibre and yarn, finished leather products, cut and polished synthetic stones, comprising of cut and polished zirconia.

The imported items which will become cheaper are – gold and gold dore, silver and silver dore, precious metals like platinum and palladium. It also comprises of medical devices which are imported by international organziation and diplomatic missions.

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