Finance Minister Nirmala Sitharaman has presented the Union Budget 2020 in Parliament today. Her second, today’s budget speech is being termed as the longest one in the history of independent India.
Though the Budget seemed to be very elaborate and detailed, the finance gurus say that this budget doesn’t really live upto the expectations of the common man and the investors.
It is also being said that this Budget is a deterrent for the investors who would otherwise be interested in the Indian Market.
Additional customs duty on several products will now add to the common man’s woes.
The markets have also given a thumbs down to the Budget. While the Sensex nosedives by 988 points to 39,375 and Nifty tumbles 300 points to 11,662.
After this Budget, people will have to shell out more money for things like imported footwear, furniture, and even medical services. Alcoholic beverages and tobacco will also get costlier.
Other products like kitchenware, raw sugar, soy protein, imported medical equipment will become dearer.
Here is a complete list of what gets dearer and what gets cheaper:
What gets dearer/costlier?
- Fully imported cars
- Split air-conditioners
- CCTV cameras, IP cameras, digital video recorders
- Imported medical equipment
- Cigarettes, hookah, and chewing tobacco
- Wall fans
- Raw sugar
- Skimmed milk
- Some alcoholic beverages
- Soya fibre
- Soya protein
- Agro-based animal products
- Clay iron
- Catalytic converters/some electrical products
- Some automobile spare parts
- Cash withdrawal over Rs 1 crore/year
What gets cheaper? (decreased cess/duty)
- Electric vehicles
- Affordable houses
- Set-top boxes
- Imported defence equipment
- Imported parts of electric vehicles
- Camera module and charger of mobile phones
- The imported raw material for the manufacture of artificial kidneys
- Imported wool fiber, wool tops
- Import of newsprint