Finance minister Nirmala Sitharaman, in her maiden Budget speech on Friday, said that India is set to become a $3 trillion economy in the current year, while it would be a $5 trillion economy in the next few years. Among the key announcements are increase in the import duty on gold, rise in the excise duty on petrol and diesel, hike in customs duty on mobile phones, etc.

The FM announced an increase in customs duty on gold to a record 12.5 percent from the current 10 percent. At 12.5 percent, it is the highest import duty on gold anywhere in the world. The government will charge a special additional excise duty of Rs 2 per litre on petrol and diesel, while it has decided to hike customs duty on mobile phones from 15 to 20 percent. Duty on some mobile phone parts and accessories has been doubled from 7.5 to 15 percent. This means the prices of these items will increase.

"To further incentivise the domestic value addition and Make in India in some such sectors, I propose to increase customs duty on certain items," the FM said in her Budget speech.

Wearable devices and smartwatches too will get more expensive as the duty has been doubled from 10 percent to 20 percent. Even televisions are set to get more expensive as customs duty on certain parts has been hiked to 15 percent. Components for the manufacture of air conditioners are also set to get more expensive.

Among the other items which are likely to get expensive are imported books, digital camera, cashew kernels, tiles, metal fittings, auto parts, cigarette, etc.

Those which are likely to get cheaper are electronic appliances and electric vehicles.

Following is a list of items that will become costlier:

Following is the list of items that will become cheaper:

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First Published:Jul 5, 2019 3:06 PM IST