Budget 2024 Cheaper Dearer Full List: Union Finance Minister Nirmala Sitharaman on Thursday presented the vote-on-account Budget of the Prime Minister Narendra Modi-led central government as the country is set to go to polls for Lok Sabha later this year. This was her sixth Budget as the Finance Minister. Notably, this was the Interim Budget which means that it will take care of the financial needs of the country until a new government is formed.
Interestingly, with the arrival of the Budget session, we are all curious to know what items are set to become affordable and what are probably going to become more expensive, especially electronic gadgets, home appliances, jewellery, vehicles and others. However, no announcement on what gets cheaper and more expensive was made by the Finance Minister in her 2024 Union Budget speech.
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From 2019 to 2023: What Got Cheaper & What Got Costlier
Budget 2023-2024
- Cheaper: TVs, smartphones, compressed gas, shrimp feed, lab-grown diamonds, machinery for manufacturing lithium-ion cells for EVs
- Costlier: Cigarettes, bicycles, imitation jewellery, air travel, electric chimney, copper scrap, textiles
Budget 2022-2023
- Cheaper: Imitation jewellery, computers, mobile phones, laptops, cut and polished diamonds, gems
- Costlier: Umbrellas, imported items, unblended fuel, chocolates, smartwatches and their earbuds
Budget 2021-2022
- Cheaper: Gold, silver, leather products, nylon clothes, products made of iron, steel and copper
- Costlier: Solar cells, mobile phones and chargers, imported gems and precious stones, imported AC and fridge compressors, imported auto parts
Budget 2020-2021
- Cheaper: Raw sugar, skimmed milk, soya fibre, soya protein, certain alcoholic beverages, agro-animal based products, import of newsprint, lightweight and coated paper, purified terephthalic acid
- Costlier: Medical equipment, footwear, furniture, wall fans, cigarettes and other tobacco products, clay iron, steel, copper, CV parts
Budget 2019-2020
- Cheaper: Affordable houses, set-top boxes, imported defence equipment, imported parts of EVs, camera modules, mobile phone chargers, imported raw material for making artificial kidneys, imported wool fibre, wool tops
- Costlier: Petrol, diesel, cash withdrawal over Rs 1 crore a year, fully-imported cars, split ACs, cigarettes, hookah and chewing tobacco products, imported auto parts, imported stainless steel products, imported gold and other precious metals, imported paper and paper products including printed books, imported plugs, sockets and switches, CTV cameras, loudspeakers
What is an Interim Budget?
Interim Budget, also known as Vote on Account, is a budget presented by the central government for a short period of time ahead of general elections. During an election year, the incumbent government cannot present a full budget, therefore, the Union Finance Minister present an Interim Budget on behalf of the government that covers the Centre’s expenses and revenues for a short period. This budget stands valid till a new government is elected and takes charge.
When Will Full Budget Be Released?
The full Budget will be released after the newly formed government takes over following the Lok Sabha election results. The government will then present a Union Budget which will be its comprehensive financial plan presented annually, outlining the government’s revenue, expenditure, and policy initiatives for the upcoming fiscal year.
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