Union Budget 2023: Silver, cigarettes to be more expensive; diamonds, mobile phones to become cheaper

Regarding it as the ‘the first budget of the Golden era’, Finance Minister Nirmala Sitharaman on Wednesday presented before the parliament the Union Budget for the year 2023-2024.

The projected growth detailed in the Union budget is 7%, the highest of any of the major economies. The budget is regarded by the government as the first of the ‘Amrit Kaal’, which is described as a  25-year period culminating in the centenary of India’s independence.

The budget of a year, directly or indirectly, has a significant impact on the prices as well as the circulation of commodities in the economy. Due to the provisions laid out in the budget announcement, the following commodities are expected to be affected:

Commodities likely to get cheaper:

1. Mobile phones

2. TV

3. Lab-grown diamonds

4. Shrimp feed

5. Machinery for lithium-ion batteries

6. Raw materials for EV industry.

7. Cut and polished diamonds

8. Camera lens for cellular mobile phone

Commodities likely to get costlier:

1. Cigarettes

2. Silver

3. Compounded rubber

4. Imitation Jewellery

5. Articles made from gold bars

6. Imported bicycles and toys

7. Imported kitchen electric chimney

8. Imported luxury cars and EVs

9. X-ray machines

10. Headphones and earphones