Union Finance Minister Nirmala Sitharaman on Monday unveiled the Union Budget for fiscal year 2021-22 that aims to shore up an economy badly-hit by the novel coronavirus pandemic.
The economy is projected to contract 7.7% in the current fiscal year, although the government forecasts growth of 11% for the coming fiscal year, after a massive COVID-19 vaccination drive and a rebound in consumer demand and investments. Earlier this month, Nirmala Sitharaman had stated that the budget for the fiscal year beginning April will be “like never before”. This was also the first paperless budget in the history of independent India. Sitharaman, in her first budget in 2019, had replaced leather briefcase that had been for decades used for carrying budget documents with a traditional red cloth ‘bahi-khata’. But she replaced ‘bahi khata’ with a ‘Made In India’ tab.
Based on the announcement made by FM Nirmala Sitharaman, the following items will now become cheaper or dearer:
Costlier:
- Electronics item
Mobile
Mobile Charger
Leather shoe
Kabuli chana
Cheaper:
- Iron & Steel
nylon clothes
copper items
Insurance
Electricity
steel utensils
Gems