1, March, 2024
HomeFinanceBudget 2024's Impact on Home Appliances - What's in Store for TVs, Refrigerators, and Mobile Phones?

Budget 2024’s Impact on Home Appliances – What’s in Store for TVs, Refrigerators, and Mobile Phones?

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As we eagerly await the unveiling of the Union Budget 2024 by Finance Minister Nirmala Sitharaman, all eyes are on the anticipated changes in the prices of essential items, particularly home appliances like television, refrigerators, and mobile phones. Here’s a breakdown of what might become more affordable and what could see a hike in prices.

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Union Finance Minister Nirmala Sitharaman is set to present the interim budget on February 1, marking the final session before the upcoming Lok Sabha elections scheduled for April-May this year. This budget, the sixth under Sitharaman’s tenure, will address the financial needs until the formation of a new government post elections. The spotlight, however, remains on the potential shifts in the prices of home appliances, such as televisions, refrigerators, mobile phones, and washing machines.

As the Modi-led government gears up for the looming Lok Sabha elections, there are expectations of a reduction in prices for home appliances and electronic products, including refrigerators, washing machines, and mobile phones, aimed at winning over voters.

In recent years, Budget announcements have been closely monitored by economists, industries, and the public to understand their possible impact on the prices of goods and services.

The Central Government’s emphasis on “Nari Shakti” (women empowerment) and the youth, as showcased in the recent Republic Day parade, is evident through various women-centric schemes.

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Here’s a timeline of what became cheaper and costlier in the past years:

2014-15:

Cheaper: Mobiles, computers, LCD TVs, diamonds, footwear

Costlier: Cigarettes, Radio taxis, imported electronic items, imported garments

2015-16:

Cheaper: Minerals, chemicals, solar water heater systems, wind power generators, agarbattis

Costlier: Iced tea, mineral water, aerated drinks, condensed milk, eating out, cigarettes, cement, business class travel

2016-17:

Cheaper: Footwear, solar lamps, broadband modems, CCTV cameras, affordable homes

Costlier: Cars, cigarettes, air travel, readymade garments, gold, imported golf cars

2017-18:

Cheaper: LED lamps, solar panels, rail travel, import of solar tempered glass

Costlier: Silver coins, cigarettes, mobile phones, imported cashew nuts

2018-19:

Cheaper: Raw cashew nuts, solar tempered glass, cochlear implant raw material

Costlier: Cars, motorcycles, mobile phones, gold, silver, footwear, diamonds, video game consoles

2019-20:

Cheaper: Affordable houses, set-top boxes, imported defence equipment, mobile phone chargers

Costlier: Petrol, diesel, fully-imported cars, split ACs, cigarettes, imported auto parts

2020-21:

Cheaper: Raw sugar, skimmed milk, certain alcoholic beverages, import of newsprint

Costlier: Medical equipment, footwear, furniture, cigarettes, tobacco products

2021-22:

Cheaper: Gold, silver, leather products, nylon clothes, iron, steel, copper products

Costlier: Solar cells, mobile phones, imported gems, AC and fridge compressors, imported auto parts

2022-23:

Cheaper: Imitation jewellery, computers, laptops, mobile phones, certain chemicals

Costlier: Umbrellas, imported items, unblended fuel, chocolates, smartwatches

2023-24:

Cheaper: TVs, smartphones, compressed gas, shrimp feed, lab-grown diamonds, machinery for manufacturing lithium-ion cells for EVs

Costlier: Cigarettes, bicycles, imitation jewellery, air travel, electric chimney, copper scrap, textiles

Stay tuned for the latest updates on the Union Budget 2024 and its impact on the prices of home appliances and electronic devices.

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