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    Budget 2021: Mobiles, Raw Silk Dearer; Gold & Silver Cheaper

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    Budget Talk
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    Budget Talk

    Finance Minister Nirmala Sitharaman on Monday junked the traditional 'bahi khata' and opted for a digital tablet (wrapped in a red-coloured cloth with the national emblem) to present her almost-2-hr-long Budget speech in Parliament.

    The symbolism was clear - of a direct indicator of the Government's push towards digitisation. As a part of the PM’s push for ‘AatmaNirbhar Bharat’ (a self-reliant India), the Budget speech mentioned data analytics, artificial intelligence, machine learning as well.

    A combination of tech and Tagore - the JNU alumna quoted a verse from the Nobel laureate - the Budget had a dose of measures to boost growth. And like all years, there were some winners and some losers. And relief for some sectors, too. A push for the textile industry, relief for gold and silver, exemption for mobile phones parts - were some of the suggestions.

    We do the math for you, and tell you what’s cheaper and what’s dearer post-Budget.

    ​Hello! It’s A Wrong Number
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    ​Hello! It’s A Wrong Number

    Mobile phones and chargers are set to get costlier, thanks to raised import duties. You will now have to shell out a few extra bucks for power banks as well.

    If you’ve been planning to upgrade your phone, now’s certainly not the time. The government is withdrawing a few exemptions on parts of chargers and sub-parts of mobile phones, which could lead to a cost in handsets.

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    ​All That Bling
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    ​All That Bling

    Bling it up, we say! In some relief for gold and silver buyers, the precious metals will get cheaper following a cut in customs duty to 7.5 per cent from 12.5 per cent. As the country opens up and accepts the new normal in this post-Covid world, the demand for all things shiny could rise with delayed wedding ceremonies and other gigs taking off, finally. Imported gold coins will also be cheaper as the duty has been cut to 10% from 12.5%.Investors, too, get some good tidings: gold dore bars and silver dore bars will now attract import duty of 6.9 per cent and 6.1 per cent, respectively, from existing rates of 11.85 per cent and 11 per cent, respectively.

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    ​Dressing Down
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    ​Dressing Down

    Want to enhance your sartorial quotient with some silk? Well, there’s a bit of a problem there. Imported raw silk and silk yarn will now hurt the pocket following a hike in the levy to 15 per cent from 10 per cent. Nylon products are set to get cheaper with the basic customs duty rates on several nylon parts being reduced to 5 per cent.

    This move will help bring nylon chains on par with polyester and other man-made fibres and also help the textile industry, MSMEs and overall exports.

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    Leather Out
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    Leather Out

    If there is one fashion statement that has survived decades of change and has never completely gone out of style and is still around (not just because of its durability), then it's leather. But now might not be a good time to buy the leather shoes that you have been eyeing or that leather bag that's sitting in your cart as the products will cost you 15-20 per cent more due to increase in import duty.The Union Budget has imposed 10 per cent customs duty on raw and finished leather.

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    Too Hot For Summer
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    Too Hot For Summer

    Prepare yourself for a hotter summer as prices of ACs and refrigerators are set to jump. In the Budget 2021, customs duty on the compressors for air conditioners and refrigerators has been hiked to 15 per cent from 12.5 per cent. So if you were thinking of updating your current machine or buying a swanky new one, you might wanna speed up.With increase in customs duty to 15% from 12.5%, the prices of refrigerators and ACs are set to go up by 2.5% from April 1 this year.

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    ​Solar Goes Up
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    ​Solar Goes Up

    Buying products that run on solar power will now be dearer as the Government has hiked duty on solar inverters and lanterns from 5 per cent to 20 per cent and 15 per cent from 5 per cent respectively.

    Turning to solar power is the way to go for a more digital yet environment-conscious world. But it seems like the plan to become a complete solar equipped country is still some time away, bearing the cost in mind.

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    Motown Hits A Hurdle?
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    Motown Hits A Hurdle?

    The FM has hiked the customs duty on certain auto parts which will most likely impact the cost of vehicles. But, these parts are not exclusive ones and are also available in the local market. The items on which the customs duty has been increased to 15 per cent from 10 per cent are frames and forks, wheel rims and spokes, hubs, brakes, saddles, pedals and crank gear. With the employment and production situation still grim in the country due to the ongoing pandemic, this proposal might have a negative impact on the auto industry.

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