New Delhi, July 05, 2019: Finance Minister Nirmala Sitharaman in her maiden Budget speech has announced a slew of items that will become costlier as well as cheaper.
A large number of items including petrol, diesel, gold, silver, cigarettes, and split air conditioners (ACs) will become more expensive due to hike in taxes, as proposed by the finance minister.
In its attempt to boost growth, Nirmala Sitharaman proposed a hiked tax on petrol and diesel, raised import duty on gold, levied an additional surcharge on super rich and brought a tax on high-value cash withdrawals.
At the same time, certain items such as electric vehicle components, camera module and charger of mobile phones and set-top boxes will become cheaper.
She also proposed sops to the housing sector, startups and electric vehicles.
Here’s a look at the things that are set to become costly and those whose prices will see a drop.
Fully imported cars
Optical fibre cable
Digital video recorders
Raw materials for the manufacture of soap
Imported stainless steel products
Mountings for furniture
Camera module and charger of mobile phones
Import of defence equipment
While the BJP has hailed the Union budget as one for a "new India", the Congress panned it for its "maximum intent" and "minimum content".
Bharatiya Janata Party (BJP) chief and Union Home Minister Amit Shah said the finance minister presented a budget for a "new India", which laid the foundation for an inclusive and progressive nation, the rise of which was powered by the hard work of 130 crore countrymen.
Criticising the budget, Congress’s chief spokesperson Randeep Surjewala wrote on Twitter: "#Budget2019 so far -- Maximum Intent, Minimum Content! Maximum Catchphrases, Minimum Catch-points!"
Another Congress spokesperson, Abhishek Manu Singhvi, wrote on the microblogging website: "Bailout plans for PSUs & moves like inheritance tax are Modi’s outing from the closet as the ultra left, vote seeking politician that he is. He got RWs (economic & political) to vote for him but his heart is only toward RW (right-wing) Polity not Economics."