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Budget of 2023: How will the balance of cheap and expensive goods be established in the budget of the Union.TAZAA News

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Union Budget 2023: What is cheap, what is expensive? Union Finance Minister Nirmala Sitharaman will present the Union Budget for the financial year 2023-24 in Parliament today, Wednesday (February 1, 2023). The budget will be tabled in Parliament a day after the Economic Survey 2022-23. This is the fifth Union Budget presented by Sitharaman and will be the Centre’s last full budget before the Lok Sabha elections early next year.

Many unnecessary items are likely to become expensive this financial year. Private jets, helicopters, jewelry, high-end electronics, glossy paper and vitamins are among the 35 most expensive items on the list. The list of these non-essential items has been compiled on the recommendation of several ministries. Like last two years, this year too, Seetha Raman will introduce paperless budgeting, which will be available through a mobile app for people on Android and iOS smartphones.

Like every year, this year, people’s eyes were focused on how the Union Budget affects their daily expenses and the pocket of an ordinary person. A decrease or increase in customs duty affects the price or cost of each imported item. In fiscal 2023, the government is expected to increase import duties on goods such as imitation jewelry, umbrellas and headphones to encourage local producers of goods and services. Import tariffs on gold were also raised in 2022 to reduce imports of the precious metal.

According to the Free Press Journal, this year’s budget is expected to significantly reduce food and fertilizer subsidies by $17 billion. Every year, rains and floods damage crops, in this context, taking into account the high price of agriculture, the inflation of food products may also decrease this year.

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A fund to stabilize the price of cotton along with another PLI scheme is proposed as an alternative to improving the technology of the garment or garment industry. It also wants to scrap the 11 percent import duty on cotton and restore duty-free imports and exports. How the 2023 Budget affects this demand will affect the price of clothing and apparel in the year.

When it comes to housing costs, the likely reduction in GST on supplies like cement and steel will also affect construction costs, which could allow developers to offer cheaper housing.

Published by:Muhammad Rahmon Pasha

First published:

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