The 2018 Union Budget presented by Finance Minister Arun Jaitley and incidentally the last full budget during the current PM Modi regime, did not announce any major changes in the price of commodities and services.
One of the bright spots of this budget is the decrease in fuel price with Rs 2 excise duty cut on every litre, for petrol and diesel. But a proposed 8% road infrastructure cess is likely to keep the price of petrol at same.
But cars and bikes are going to get more expensive. Imported mobile phones to TV components to fruit and vegetable juices will also see a price hike. Smartwatches and fitness bands will also become expensive.
Diamond, imitation jewellery, toiletries and perfumes, gold and silver will also become dearer.
An overall increase in customs duty will see a spike in prices of all imported goods.
Rationalisation measures will lead to a rise in cooking oil prices as well.
As a result of customs duty increase (given in percentage), the following imported items will get expensive:
- Mobile phones from 15% to 20%
- Parts of TV, TV accessories from 10% to 15%
- Fruit and vegetable juices from 30% to 50%
- Orange juice to go up from 30% to 35%
- Cranberry juice to go up to 50% from 10%
- Cosmetics, perfumes to go up to 20% from 10%
- Dental hygiene products, including denture fixative pastes from 10% to 20%
- Deodorants, shaving products from 10% to 20%
- Diamondsâ€” cut and polished, lab, industrial to 5%
- Imitation jewellery- up to 20% from 15%
- Furniture from 10% to 20%
- Sports equipment from 10% to 20%
- Custom duty on imported watches and clocks
- Vegetable oils, cotton seed oil, groundnut oil from 12.5% to 30%
- Refined vegetable oils from 20% to 30%
The list of things that will get cheaper are:
- Petroleum products
- Bricks, tiles
- Medical care
- Raw cashew nuts
- Solar tempered glass
- Solar cells