(Image source from: Business Today)
Finance Minister of India on Friday presented her maiden Budget for 2019-20 in Lok Sabha.
In her speech, Sitharaman said, with the verdict of the Lok Sabha Polls 2019, the people of India have validated their two goals for the country's future - national security and economic growth.
Sitharaman announced that there will be no changes in personal income tax rates. The government hiked the excise duty on fuel, increased the tax rate for super rich and provide additional tax relief for home loan holders. Talking about the economy, she said that from 1.85 trillion dollars in 2014, India's economy has reached 2.7 trillion U.S. dollars and we can very well reach 5 trillion dollars in the next few years. Sitharaman added the Indian economy will grow to become a 3 trillion dollar economy this year itself.
Things That Will Be Expensive
1. Petrol, diesel, gold, AC, cashew nuts, will be expensive.
2. Increasing import tariff will increase the prices of many things.
3. Auto parts, synthetic rubber, PVC, tiles will also become expensive.
4. Tobacco products, including cigarettes, will also turn expensive.
5. Besides gold, additional money will be spent to buy silver and silver ornaments.
6. Optical fiber, stainless products, original metal fittings, frames and accessories, ACs, loudspeakers, video recorders, CCTV cameras, vehicle horns, etc. have been expensive.
Things That Will Be Cheaper
1. Home Loan will be cheaper
2. Electric cars will be affordable
3. Commodities including utensils, lamps, brief-cases, passenger bags, sanitary wares, bottles, containers, utensils used in kitchen utensils will be cheaper.
4. Daily use items like mattresses, beds, frames of glasses, bamboo, soaps, shampoos, hair oils, toothpaste, detergents will be cheaper.
5. Pasta, mayonnaise, incense, salted, dry coconut, sanitary napkins, Wool and woolen thread will be cheaper
This is Sitharaman's first budget in the second term of Narendra Modi government, for the fiscal year 2019-20 and the first ever budget being presented by a woman Finance Minister.
By Sowmya Sangam