Union Budget 2025: What's low cost and What's high cost  for Consumers?

Union Budget 2025: What's low cost and What's high cost  for Consumers?

Union Budget 2025: What's low cost and What's high cost for Consumers latest news : Finance Minister Nirmala Sitharaman's Union Budget 2025 has introduced several changes that will affect consumer prices. This budget, the second full one under the Modi 3.0 government, centers around ten key areas, including agriculture, manufacturing, employment, MSMEs, rural development, and innovation.

Items Becoming low cost :
1. Life-saving Medicines: A total of 36 life-saving medicines are now exempt from Basic Customs Duty, making them more affordable.
2. Lead, Zinc, and Other Minerals Full exemption from Basic Customs Duty on lead, zinc, and 12 other minerals will lower costs for industries using these materials.
3. Raw Materials for Shipbuilding: A 10-year exemption from Basic Customs Duty will benefit the shipbuilding industry.
4. Mobile Phones, Gold, Silver, and Copper: Prices for these items have already decreased due to last year's budget changes.
5. Cancer Treatment Drugs: Three cancer treatment drugs have been removed from the Basic Customs Duty list, making them more accessible.

Items Becoming high cost :
1 Non-biodegradable Plastics : Customs duty on non-biodegradable plastics has been increased to 25%, raising their cost.
2. Certain Telecom Equipment : Basic Customs Duty on certain telecom equipment has been increased from 10% to 15%, potentially leading to higher prices for consumers.

Additional Notable Changes :
- Gold and Silver Prices: Prices for gold and silver have risen ahead of the Budget Speech. In Mumbai, the price of 24-carat gold increased by ₹160 to ₹84,490 per 10 grams, while 22-carat gold went up by 150 to 77,450 per 10 grams.
- Vivad Se Vishwas 2.0 Scheme: 33,000 taxpayers have utilized the Vivad Se Vishwas 2.0 scheme to settle direct tax disputes, reflecting a positive response to the government's resolution efforts.

The Finance Minister emphasized that Budget 2025 aims to introduce transformative reforms to benefit the economy and consumers alike. It focuses on providing taxpayer relief, supporting senior citizens, and fostering a favorable environment for startups and education.

Overall, Budget 2025 presents a mix of price changes for consumers, with some items becoming cheaper and others more expensive. The impact on consumer behavior will depend on how these changes are implemented and how consumers adapt.

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