The esteemed Finance Minister, Nirmala Sitharaman, recently unveiled her seventh Union Budget for the fiscal year 2024-2025. This budget has brought about a multitude of changes in the pricing structure of a wide array of items. Let’s delve deeper into the specifics of these changes and understand which items will see prices decrease, making them more affordable for consumers and which items will become pricier.
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A Closer Look at Items That Will Cost Less
Here’s a more detailed look at the items that will witness a price reduction:
- Gold and Silver Rods and Strings: The budget brings a sigh of relief for those engaged in the jewelry-making industry and other sectors that utilize gold and silver rods and strings. The prices of these items have been slashed, making them more affordable.
- Coins of Precious Metals: The budget also brings good news for collectors and investors dealing with coins made of precious metals like platinum, palladium, osmium, ruthenium, and iridium. These coins will now be available at a lower price.
- Polyethene for Orthopedic Implants: The budget has made all types of polyethene, which are used in the production of orthopaedic implants, cheaper. This could potentially decrease the costs associated with medical procedures that require these implants.
- X-Ray Tubes and Flat Panel Detectors: The cost of X-ray tubes and flat panel detectors, along with scintillators, utilized in the creation of medical, surgical, dental, or veterinary X-ray machines, has been decreased. This decrease in cost has the potential to enhance the affordability of medical diagnostics and treatments.
- Imported Cellular Mobile Phones and Chargers/Adapters: Shoppers looking to purchase new smartphones and accompanying accessories will be happy to learn that the cost of imported mobile phones, chargers, and adapters will be reduced.
A Closer Look at Items That Will Cost More
Here’s a more detailed look at the items that will witness a price increase:
- PVC Flex Films: The budget has increased the prices of Polyvinyl chloride (PVC) flex films, also known as PVC flex banners or sheets. This could potentially impact the advertising and marketing sectors relying heavily on these materials.
- Big Umbrellas: Consumers will now have to shell out more money to buy big umbrellas. This could particularly affect consumers during the rainy season.
- Laboratory Chemicals: The budget has made laboratory chemicals more expensive. This could potentially affect research institutions and industries that rely on these chemicals for various processes.
- Solar Glass and Tinned Copper Interconnects: The cost of solar glass utilized in the production of solar cells or modules and tinned copper interconnects utilized for the same purpose has been raised. This may lead to higher expenses for solar energy installations.
Wrapping Up
The 2024 Union Budget has resulted in price changes for everyday items, impacting both consumers and industries. While prices for items such as gold and silver bars, precious metal coins, and medical equipment components will decrease, prices for items such as PVC flex films, large umbrellas, laboratory chemicals, and certain materials used in solar manufacturing will increase.
Finance Minister Nirmala Sitharaman’s seventh budget aims to strategically balance various economic factors while meeting consumer demands.
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