What gets cheaper in budget 2024?

The 2024 budget appears quite liberal and points towards the choice between economic growth and prudence of the fiscal policy. Among the top announcements that people have been waiting for are the plans that allow specific products and services to be affordable. This year, the government has tactically selected sectors that directly impact the daily lives of normal citizens.

In this way, it has achieved short-term results and long-term economic benefits. Now let’s focus on what will now be cost-effective in Budget 2024.

What gets cheaper in budget 2024?

1. Healthcare Essentials

One of the most significant aspects of the 2024 budget is the major cut in the prices of healthcare essentials. The government has provided different drugs and medical equipment with reduced GST rates. Certain lifesaving drugs like those used for chronic diseases for example diabetes, hypertension, and cancer have been up for sale at lower prices.

What’s more, such important medical items as the implants of stents and dialysis tools have been made cheaper that way. The ones in need of healthcare can now get treatment without seeing their financial standing as a barrier to that end.

2. Electric Vehicles (EVs)

To encourage green transportation and to eliminate greenhouse gas emissions, the government has provided a large amount of money for tax breaks in the case of electric vehicles. The government has upheld the benefits of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme.

The import duties of the EV parts have been decreased, and there are buyers of electric cars who are to enjoy more tax rebates as a result. This decision aims to speed up the adoption of electric vehicles, as they will become more cost-competitive than vehicles propelled by conventional fuels.

3. Agricultural Inputs

In the 2024 budget, the Government of India has taken big strides in addressing the issue of the high-cost input to agriculture. The government has announced to raise subsidies for fertilizers and has also reduced the GST rates on seeds and essential inputs. This move is not just about reducing costs for farmers but rather is also inclusive of advances in agriculture which include better crop yields and improved food security.

4. Education and Technology

Besides this, the budget shows it is also gravely concerned with making education even cheaper. The GST on educational services such as tuition and school transport has been dropped, and education software and hardware, mainly such as laptops and tablets have been singled out from duty.

This is a digital step that means the students in every part of the country can access the necessary gadgets thanks to the Internet which has become an indispensable tool in the post-pandemic age.

5. Housing

The budget for 2024 has given a big push to affordable housing. The government has raised the maximum amount for the tax deduction that a taxpayer can claim for home loan interest, which is intended to address the housing affordability issue. In addition, there is a reduction in the GST rates which are now at 8% for the economical housing projects, and the big bonus offered to the first-time home-buyers who are also to get the tax relief.

All of these are necessary for growing both the housing and the real estate sectors that have stayed dormant for a long time.

6. Renewable Energy

Also, to meet the development target of sustainable renewable energy, the government has, in addition, brought down the taxes on renewable energy components. Solar panels, wind turbines, and all other renewable power equipment will now have their prices coming down, which in turn is expected to galvanize citizens to take up clean energy in their homes and businesses.

This is anticipated to be essential in India's quest to fulfill renewable energy goals and at the same time decrease the use of fossil fuels.

7. Public Transport

The budget is the latest political move to tackle problems with transport. The local government has brought in more funding for the subway, rail, and road systems as well as decreased the ticket prices for the public buses and trains. The state government, besides those, consequently, has also introduced new subsidies for the state governments to push them to adopt and upgrade their public transport fleets.

It is anticipated that public transportation will improve significantly, in terms of convenience and distances that citizens can reach with it as a reliable means of transportation other than private vehicles.

8. Consumer Electronics

The country's new budget initiated in 2024 has much in store for tech lovers too. The tariffs charged on consumer electronics like mobile phones, computers, and television sets have been reduced. The primary goal is to realize the technology that is of a high quality but is also cheap for the masses, and this, in turn, will support the digital economy.

In addition to this, the Indian government has offered fresh incentives for electronic products' home production, which are supposedly also going to relieve the unemployment rate and the region's overdependence on imported products.

9. Textiles and Apparel

One of the major labor-intensive sectors is the textile industry and it has now been given a huge relief, with the GST rates going down on raw materials and finished goods, the Union Minister, who was the claimed information of the immediate business futures, said. Rise in price of the necessities and support the domestic sector at the same time.

This is a measure that is going to boost the quality of Indian textiles on the international market.