Union Budget 2022: Umbrellas to be costlier, diamonds cheaper

Keeping with the government's Atmanirbhar Bharat plank, FM Sitharaman increased Customs duties on a host of items, such as umbrellas, parts of wearable devices, and electronic smart meters

Keeping with the government’s Atmanirbhar Bharat plan, Finance Minister Nirmala Sitharaman on Tuesday increased Customs duties on a host of items, such as umbrellas, parts of wearable devices, and electronic smart meters. She also proposed to phase out more than 350 exemptions, including on capital goods, in a gradual manner to encourage domestic manufacturing.

“This comprehensive review will simplify the Customs rate and tariff structure, particularly for sectors like chemicals, textiles, and metals, and minimise disputes. Removal of exemption on items that are or can be manufactured in India and providing concessional duties on raw material that go into manufacturing of