Budget 2023: Prices of these commodities may rise from February; Check the list here

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• Jan 9, 2023 | Dhupali Das

Following the announcement of FM Sitharaman's Budget 2023, the central government is expected to increase import duties on up to...

Digital Desk: Union Finance Minister Nirmala Sitharaman is scheduled to announce the Union Budget 2023 on February 1, and official sources have said that several expensive commodities may see price rises as a result of the Centre's increase in import duty. 

Following the announcement of FM Sitharaman's Budget 2023, the central government is expected to increase import duties on up to 35 products, the majority of which are luxury commodities, according to a government official quoted by the Economic Times.

Economic Times quoted the government official as saying, "A list has been drawn up based on the inputs from various ministries that are being examined." The list includes items like jewellery, private planes, and high-end electronics, as per sources.

The government has compiled a list of 35 things, which includes commodities such as private jets, helicopters, jewellery, vitamins, high-end electronic goods, plastic goods, and high-gloss paper, according to the Economic Times. 

According to a government official, the centre is looking to raise import duties on various items, potentially making them more expensive, in order to reduce imports in India and promote domestic production of some of these high-end commodities.

Further, a recent PTI report quoted a government source as saying that the Commerce Ministry has also requested a reduction in the import duty on gold from the Finance Ministry in the Budget 2023 in order to promote the expansion and manufacturing of the gems and jewellery sector in India.

As per PTI reports, sources said, "As the gems and jewellery industry has recommended the commerce ministry for a cut in the duty, the commerce ministry has urged the finance ministry for the same. The ministry has also requested that import duties on certain other products be reduced in order to boost manufacturing and exports.

Finance Minister Nirmala Sitharaman will announce the Union Budget 2023 on February 1, with several new changes in GDP and other financial government policies scheduled for the upcoming financial year.