Budget 2019: What became costlier and what cheaper

Business

05 Jul 2019

Union Budget 2019: Know what became costlier and what cheaper

Union Finance Minister Nirmala Sitharaman spoke for more than two hours in her maiden budget speech and promised a better future to countrymen.

Though she didn't make many changes in tax slabs, she introduced cess and excise duties on some products.

With her budget receiving mixed reactions across the spectrum, let's take a look at things which became costlier and those which became cheaper.

Petrol and gold

Now, spend more to buy petrol and gold

Now, spend more to buy petrol and gold

In a move which didn't sit well with citizens, Sitharaman levied a cess and excise duty of Rs. 1 each on diesel and petrol.

She also increased customs duty on gold and other precious metals to 12.5%, from the existing 10%, effectively making their purchase costlier.

Items like cigarettes, hooka, fully imported cars, automobile parts, optical fiber cable, digital cameras, cashew, also became costlier.

CCTV cameras, mobile chargers, and imported books will cost more

Other items which became costlier are synthetic rubber, vinyl flooring, imported books, split air-conditioners, loudspeakers, digital video recorders, CCTV cameras, imported plastics, raw materials for the manufacture of soap, tiles, imported stainless steel products, newsprint, mountings for furniture, camera module and chargers of mobile phones.

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Cheap products

Meanwhile, electronic goods and electric vehicles became cheaper

Centre suggested reducing customs duties on raw materials and capital goods to promote domestic manufacturing.

Duties were decreased on items like amorphous alloy ribbon, ethylene dichloride, propylene oxide, cobalt matte, naphtha, wool fibers, inputs for the manufacture of artificial kidney and disposable sterilized dialyzer, and fuels for nuclear power plants.

Meanwhile, electronic goods, electric vehicles, set-top boxes, and import of defense equipment became cheaper.

Reactions

Impressed with budget, PM Modi said 'country will prosper'

Impressed with budget, PM Modi said 'country will prosper'

Naturally, Sitharaman's budget won lauds from PM Modi, who called it "citizen friendly".

"This budget will make every citizen capable and will help the country prosper. It will give strength to poor and better future to youth," he said.

Other leaders of BJP concurred. In a series of tweets, Union Home Minister Amit Shah wrote the budget reflects PM Modi's vision for India's development.

Sitharaman has presented a futuristic budget, tweeted Shah

Details

NDA ally Nitish Kumar appreciated the budget

Heaping praises on the budget, Bihar Chief Minister Nitish Kumar said the target of making India a $5 trillion economy was commendable.

He also welcomed Centre's plan to make piped water accessible to every household by 2024.

Separately, Union Defense Minister Rajnath Singh said, "This Budget would expedite India's forward march towards progress and prosperity."

Puducherry Governor Kiran Bedi said the budget will improve transparency.

Statements

Congress criticized the budget, said BJP offered nothing new

Congress criticized the budget, said BJP offered nothing new

However, Congress panned the budget by calling it "old wine in a new bottle".

"Nothing new, no plan for employment generation, no new initiatives," said Adhir Ranjan Chowdhury, Congress' leader in Lok Sabha.

Targeting PM Modi, Congress leader Abhishek Manu Singhvi said, "He got RWs (economic & political) to vote for him but his heart is only toward RW (right-wing) Polity, not Economics."

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