The Union Budget 2024, presented by the Finance Minister, has brought about several changes in the tax structure and economic policies, directly impacting the prices of various goods and services. While some items have become more expensive, others have seen a decrease in prices.
What’s Got Costlier?
The budget has introduced a hike in import duty on several items, making them more expensive for consumers. This includes a rise in customs duty on certain electronic goods, textiles, and other imported products. Additionally, the budget has proposed an increase in the excise duty on cigarettes and other tobacco products, aimed at discouraging consumption and generating revenue.
What’s Got Cheaper?
On the other hand, the budget has also introduced measures that have made some items more affordable. For instance, the government has reduced the basic customs duty on certain raw materials and inputs, which is expected to lower the production cost of various goods. This could lead to a decrease in the prices of consumer products in the long run.
Impact on Consumers
The changes brought about by the Union Budget 2024 are likely to have a mixed impact on consumers. While some may experience an increase in their expenses due to the price hike on certain goods, others may benefit from the reduction in prices of other items. The overall impact will depend on individual consumption patterns and the extent to which businesses pass on the cost changes to consumers.
Looking Ahead
The Union Budget 2024 is a significant policy document that aims to stimulate economic growth and improve the standard of living. While it has introduced some measures that will make certain items more expensive, it has also taken steps to reduce the cost of others. The long-term impact of these changes on consumers will be closely watched in the coming months and years.
