Finance minister Arun Jaitley made some historic announcements while presenting the union budget of 2017 in Indian Parliament today. Budget 2017 came as a big relief for middle class and lower class families because employed professionals falling in the initial slab (up to Rs 3 lakh) have been made free. People who earn more than Rs 3 lakh have to pay just 5% tax on their income. Contrary to public predictions, the government didn’t make any changes to the service. This means, on doesn’t have to pay additional tax on monetary transactions and sale/purchase.
In a way, this year’s budget was dedicated to problems faced by a common man. Needless to say, like previous years, this year’s budget too, would affect commodity prices in India. If you’re wondering how Jaitley’s budget will affect commodity prices in India this year, here’s a complete list of price inflation and deflation.
What Objects are Cheap?
These items are expected to get cheaper, starting from today.
- Railway Tickets
Now rail travel is cheaper than last few years.
- PoS or Point of Sale machines, Fingerprint readers, Micro ATMs and Scanners
This means that merchants don’t have to pay a hefty amount on its purchase). The government has taken this decision to encourage digital payments. Since fingerprint readers and iris scanners are cheaper now, homes, offices and labs can install them for added safety.
- Wind Mills and Solar Panels
This will make alternate sources of energy production cheaper. Hopefully, this will help resolve power crisis in states with high wind energy and solar potential.
Added discounts on Reverse Osmosis purifiers will hopefully encourage people to install water purifiers. It’ll help control water-borne diseases.
- Courier Services
This will benefit MSMEs, online sellers and students who frequently post merchandise, admission forms and documents to other states.
- Leather Merchandise
Deflation in the price of leather merchandise will cause possible dips in leather purses, belts, wallets and other knick-knacks.
- Life-savvy medicines
The patients suffering from grave diseases won’t have to pay a hefty sum on medical prescriptions now.
- Natural Gas and Biogas
Car owners won’t have to pay a hefty sum on their CNG cars. Household who’ve been relying on firewood for cooking can switch to biogas.
- Other objects
Nylon, silver foil, salt, mobile circuit boards and packaged vegetables are cheaper now.
What Objects are Expensive?
- Cigarette, Beedi (Nicotine) and Tobacco
Hopefully, this will discourage people from spending more money on smoking and tobacco consumption.
Silver coins and silverware is expensive. People can consider it as a means of investment.
- Stainless Steel and Aluminium products
The price of utensils will gradually increase with time.
- Mobile Phones
Once again, we’ll have to wait for the great Indian Amazon/Flipkart sale and the Diwali sale to purchase mobile phones.
- Other Items
R.O. membranes, cashew nuts, LED bulbs, mobile phone spare parts, stainless steel tapes, foreign cycles.