With the presentation of the Union Budget 2026, several items are expected to get cheaper and some others costlier for Indian consumers. As finance minister Nirmala Sitharaman presented the budget in Parliament today, she spoke about some items on which the government is planning to reduce customs duty.
Finance Minister Nirmala Sitharaman shows the digital tablet, enclosed in a traditional red ‘bahi-khata’ style pouch, at the Parliament. (PTI)
She also mentioned some import items from other countries on which the government was considering lowering tariffs, which would in turn cost cheaper for consumers in India.
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Here’s a list of items expected to get cheaper:
What’s got cheaper?
No. Item name
Personal use imported goods17 drugs or medicines for cancer patientsDrugs, medicines and Food for Special Medical Purposes (FSMP) for 7 rare diseasesLeather items (footwear)Textile garmentsSeafood productsOverseas tour packageLithium-Ion Cells for batteriesSolar glassCritical mineralsBiogas-blended CNGAircraft manufacturing componentsMicrowave ovenForeign education
A list of items expected to get costlier:
AlcoholCigarettesNuclear Power Projects componentsMinerals, iron ore, coalMisreporting of income taxStock options and future tradingCheaper wine soon?
Even though the Budget indicates that alcohol could get costlier for Indians, there may be some respite from the recently finalised India-European Union (EU) deal. According to the EU, tariffs on 96.6 per cent of its exports will be slashed by reduced or eliminated by India as part of the free trade pact.
Wine, beer and some other spirits imported from Europe are among items that will likely see a price reduction in India due to the tariff cut. Other items include kiwis and pears, fruit juices and non-alcoholic beer and processed food.
Budget 2026-27
In her 81-minute long Budget speech, Nirmala Sitharaman touched upon some important issues – time of Income Tax return filing, hike in Securities Transaction Tax (STT) on Futures and Options, expansion of India’s semiconductor mission, and the rare earth corridors.
The budget was praised by Prime Minister Narendra Modi and many other ministers and BJP leaders, it was criticised by the Congress and other Opposition parties as “lacklustre” and lacking of reforms for the poor.