Budget cheaper and costlier list: What items may get relief in Nirmala Sitharaman’s budget speech?

Union finance minister Nirmala Sitharaman will present her seventh Union Budget for the fiscal year 2024-2025. Following this, several items are expected to become costlier and cheaper for consumers.

The first budget of the BJP-led NDA government is expected to shape India’s economic landscape, affecting everything from infrastructure development to social welfare programs. It is expected the finance minister will announce the reduction of mobile phone prices, and compressed gas and make housing affordable.

During the 2023 annual budget, the finance minister announced reducing import taxes on various components including camera lenses in a bid to promote mobile phone manufacturing in India.

The Finance Minister had also cut the tax rate on lithium-ion batteries, an essential component for phones and electric vehicles. This policy change aims to make it cheaper for companies to manufacture phones in India.

The Economic Survey 2024 showed India’s GDP may grow between 6.5-7% this year and retail inflation declined to 5.4% during 2023-24, compared to 6.7% previously.

The Economic Survey 2023-24, presented by Finance Minister Nirmala Sitharaman in the parliament on July 22, 2024, used the words ‘Service’ and ‘growth’ the most.

Like the previous few full Union Budgets, Budget 2024 will also be delivered in paperless form. An Interim Union Budget 2024 was presented on February 1, as the country was due for general elections.

In hopes of tax relaxations, the middle class are expecting a hike in the standard deduction limit, a hike basic tax exemption limit in the new income tax regime, and simplified capital gain tax regimes.

People also have hopes that the central government will rationalise the income tax slab, raise the section 80c deduction limit, and give more tax benefits to home buyers and investors under the new tax regime in the 2024 Union budget.