What Gets Cheaper, What Gets Dearer: Major Takeaways from Union Budget

Finance Minister Nirmala Sitharaman on Tuesday presented the Union Budget for the year 2022-23 in Parliament.

The budget was approved by the Union Cabinet headed by Prime Minister Narendra Modi.

There is good news for the public, especially women as apparells, gemstones and diamonds and imitation jewellery.

Custom duties on chemicals required in the production of petroleum products have been slashed along with the prices of steel scraps, mobile phones and mobile chargers.

On the other hand, the duty on umbrellas and other imported items have been increased in the Union Budget.

Major Takeaways from the Finance Minister’s speech:

• One station, One product to be popularised

• Railways will develop new products for small farmers

• Modern infrastructure to be cornerstone of the plan

• FM Sitharaman outlines PM Gati Shakti masterplan

• 400 New Generation Vande Bharat trains to be introduced

• 100 new Rail Cargo Terminals to be developed

• Agriculture university to be opened in several states

• A rationalised scheme to increase domestic oilseed production will be brought in to cut down imports

• National Highways will be extended by 25,000 km during 2022-23.

• By 2023, 18 Cr household should have piped water

• Paperless end-to-end e systems will be used for all procurements.

• 2 lakh Anganwadis to be upgraded for improving child health

• Roll out of 5 G tele services would be done with 2023

• Paperless end-to-end e systems will be used for all procurements.

• E-passport would be rolled out in 2022-23

• AI, Drone, Semi-Conductor, Space, Pharma would be emphasised. Supportive policies would be promoted for domestic production.