Union Finance Minister Nirmala Sitharaman said the Indian economy is poised to grow by 9.2 percent. Which may be the highest in the world. The Center claims that this India’s 75-year budget will create a blueprint for the Indian economy for 100 years.
Now let’s see which items can be reduced in this budget?
Various items made from leather
Tariffs on chemicals required for petroleum products may be reduced
Various things required for agricultural work
Mobile phones and chargers
What things can increase in price?
Sources claim that Make in India is going to get importance in this year’s budget. That is why the government is going to increase the duty on 35 items to encourage domestic production and reduce imports. The list of 35 items on which the duty may be increased includes private jets, helicopters, high-end electronic items, plastic items, glossy paper, etc.
The government overcomes the shock of inflation
According to experts, there is a danger that the country’s exports will go into deficit. Domestic demand is likely to increase in multiple sectors. Information suggests that the government may decide to increase tariffs on imported goods to strengthen the ‘Make in India’ initiative launched in 2014. As a result, the market for the products covered by Make in India will increase and the products will benefit as a result. Incidentally, in the previous year’s budget as well, the Center had taken steps to boost domestic manufacturing by increasing duty on many imported items like imitation jewellery, umbrellas and earphones.