Budget 2023: The box will open soon, these goods will be expensive, their prices will decrease! - Newztezz Online


Monday, January 23, 2023

Budget 2023: The box will open soon, these goods will be expensive, their prices will decrease!

Budget 2023 is about to come. The biggest concern of the common man is which item will be expensive and which one will be cheap. Let us tell you that this time which things are expected to be cheap and which are expensive.

Budget 2023 will bring inflation for you, or will lighten the burden of your pocket. Roughly speaking, this time which things will be expensive in the budget and which are expected to be cheaper. Although the real information will be available only after Finance Minister Nirmala Sitharaman presents the budget on February 1, 2023, but various ministries have sent their recommendations, from which some can be guessed.

Government's focus on increasing local production

In the budget to be presented for the financial year 2023-24, the entire focus of the government will be on increasing the production in the country and bringing down the import of non-essential items. So that the trade balance of the country can be corrected and the current account deficit can be reduced.

That's why the Ministry of Commerce and Industry has sought a list of those products from different ministries, whose import is not necessary. This work is also important because in order to increase domestic production, the government has launched PLI scheme for many sectors.

Gold will be cheaper, so that jewelery exports increase

The Ministry of Commerce and Industry has suggested reducing the import duty on gold and some other items for the gems and jewelery sector. So that the export of jewelery and other finished products from the country can increase. Last year in the budget, the government had increased the import duty on gold from 10.75 percent to 15 percent.

The government had reduced custom duty to zero in aviation, electronics, steel and industrial production sectors. But in these sectors, custom duty may increase on such items, which are not essential goods.

These things can be expensive in the budget

If the government discourages import of non-essential items, higher duties may be imposed on private jets and helicopters, select electronic goods, plastic, iron and steel products, jewelery and leather goods, according to media reports.

Apart from this, the government has set standards for many sectors to reduce the import of low quality products. These include sports goods, wooden furniture and potable water bottles. These are the same for both domestic and international manufactures. Due to these standards, the import of many cheap goods coming from China can decrease, which can make them costlier temporarily.

However, a senior government official says that identifying non-essential items does not mean that the government will increase the tax rate on all. Rather, the government wants to find out how many of these items can be produced in the country itself.

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