National Desk : VOC

The Union Budget has once again placed strong emphasis on strengthening the ‘Make in India’ initiative. Finance Minister Nirmala Sitharaman has announced several major changes in customs and excise duties to protect domestic industries and reduce dependence on imports. While these measures aim to boost local manufacturing and revenue collection, they also bring mixed effects for consumers. Some essential goods will become cheaper, while others are expected to cost more. This budget has therefore triggered both appreciation and criticism from experts and the general public alike.

Analytical Report

In order to promote domestic manufacturing, the government has withdrawn duty exemptions on several imported items that are now produced in sufficient quantities within India or whose imports are minimal. The objective is to encourage the use of locally manufactured goods and ensure fair competition for Indian industries. At the same time, customs duties on certain industrial products, machinery and components have been restructured as part of an effort to simplify the tax framework and increase government revenue.

As a result of these changes, the prices of some products are likely to rise. In line with its health protection and revenue generation goals, the government has increased excise duty and health cess on cigarettes, pan masala and other tobacco products. This will lead to an increase in the price of all categories of cigarettes. Alcoholic beverages will also become more expensive due to higher duties. Additionally, revised tariffs on minerals and select industrial raw materials may push up production costs in sectors such as construction and manufacturing.

On the other hand, the budget has brought relief in several key areas. Customs duties have been reduced on critical medicines, including cancer drugs and diabetes medication. This is expected to significantly lower healthcare expenses for patients, particularly benefiting middle- and lower-income families. Prices of certain consumer and industrial goods such as leather bags, solar panels, microwave ovens and washing machines are also expected to decline. The reduction in the cost of solar panels, in particular, is seen as a major boost for renewable energy adoption and sustainable development.

Another important announcement concerns higher education abroad. The cost of studying overseas is set to decrease, providing financial relief to Indian students aspiring to pursue international education. This step is likely to enhance access to global learning opportunities and help build a more skilled workforce for the future.

Reactions to the budget have been divided. Many economists believe the Finance Minister has presented a balanced budget that supports domestic industry while also addressing public health concerns. They argue that these reforms will strengthen the ‘Make in India’ mission, generate employment and reduce import dependence in the long run.

However, a section of the public feels that the budget offers limited immediate relief to ordinary citizens. According to them, the main visible benefit is the reduction in medicine prices, while increases in the cost of alcohol, cigarettes and certain industrial goods may contribute to inflationary pressure in the market.

Overall, the Union Budget reflects a clear policy direction focused on self-reliance, domestic production and fiscal discipline. While it provides relief in healthcare and selected consumer goods, it also imposes higher costs on products considered harmful to public health and on certain industrial inputs. The real impact of these measures will become evident in the coming months as price changes fully reach the market and consumers experience their effects in daily life.

National Desk : Voice of Calcutta