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Budget 2024: List of Cheaper and Costlier Items Expected in Nirmala Sitharaman’s Speech

Cheaper and more expensive items on the budget for 2024: For the fiscal year 2024–2025, Union Finance Minister Nirmala Sitharaman will deliver her seventh Union Budget. Subsequently, a number of products are anticipated to see price increases and decreases for buyers. India’s economic environment is predicted to be shaped by the first budget of the BJP-led NDA administration, which will have an impact on social welfare initiatives and infrastructure development. It is anticipated that the finance minister will declare a decrease in the cost of cell phones, compressed gas, and affordable housing.

To encourage mobile phone production in India, the finance minister said during the 2023 annual budget that import duties on a number of components, including camera lenses, would be reduced. The tax rate on lithium-ion batteries, a necessary part of electric cars and phones, was likewise lowered by the finance minister. With this regulation change, firms will find it more affordable to manufacture phones in India.

India’s GDP may increase by 6.5–7% this year, according to the Economic Survey 2024, while retail inflation fell to 5.4% in 2023–2024 from 6.7% in the previous year. The terms “growth” and “service” were most frequently used in the Economic Survey 2023–24, which Finance Minister Nirmala Sitharaman delivered to the legislature on July 22, 2024. Budget 2024 will be distributed electronically, much like the last several entire Union budgets. On February 1st, an interim union budget for 2024 was announced in anticipation of the country’s upcoming general elections.

The terms “growth” and “service” were most frequently used in the Economic Survey 2023–24, which Finance Minister Nirmala Sitharaman delivered to the legislature on July 22, 2024. Budget 2024 will be distributed electronically, much like the last few complete Union budgets. On February 1, in anticipation of the nation’s upcoming general elections, the Interim Union Budget 2024 was unveiled.

Also Read: Budget 2024 Memes: Middle Class Anticipates Relief as Finance Minister Reaches Lok Sabha

In exchange for tax breaks, the middle class expects the new income tax regime to provide simplified capital gain tax regimes, higher standard deduction limits, and higher basic tax exemption limits. In the 2024 Union budget, people also hope that the central government would increase the section 80c deduction limit, rationalize the income tax slab, and provide property purchasers and investors with more tax benefits under the new tax regime.