Union Budget 2026: Price Changes You Should Know
The Union Budget 2026, unveiled by Finance Minister Nirmala Sitharaman, has generated significant interest and concern among Indian citizens. The announcement, made on February 1 at 11 am, has sparked discussions about both the items that will become cheaper and those that will cost more. With the persistent rise in fuel prices over the years, many are looking for relief in income tax and lower goods and services taxes. This budget aims to ease the financial burden on the common man while promoting economic growth.
As per the Economic Survey presented in Parliament, India is projected to grow between 6.8% and 7.2% in the upcoming financial year. Prime Minister Narendra Modi emphasized the importance of inclusive development, focusing on farmers, micro, small, and medium enterprises (MSMEs), youth employment, and social welfare. This comprehensive approach aims to ensure that every segment of society benefits from economic growth.
One of the most significant changes in the budget is the announcement of lower customs duties on essential items. Components for civilian and training aircraft, microwave parts, and essential drugs are expected to see reduced customs duties. Furthermore, the Finance Minister proposed exemptions on customs duties for 17 critical medicines, including those needed for cancer treatment. This move is aimed at making healthcare more affordable for the general population.
However, not all changes are positive for consumers. Certain items are set to become costlier. The government has decided to remove tax exemptions on coffee roasting, brewing, or vending machines used in coffee processing, which will increase costs for coffee producers. Additionally, some fertilizers, particularly ammonium phosphate and ammonium nitro-phosphate, will see increased prices due to the removal of import fee exemptions.
The budget also impacts the film industry, as exemptions on the import of television equipment, cameras, and other filmmaking tools will be lifted, starting April 1, 2026. This could lead to higher production costs for filmmakers, potentially affecting the entertainment landscape.
In summary, the Union Budget 2026 presents a mixed bag for Indian citizens, with some essential goods becoming more accessible while others may strain financial resources. As the government focuses on growth and development, it remains crucial for citizens to stay informed about how these changes will affect their daily lives.
