Union Finance Minister Nirmala Sitharaman presented the Union Budget for the fiscal year beginning April 1 on Tuesday. As Asia's third-largest economy emerges from a pandemic-induced slump, infrastructure has emerged as the top priority for the Narendra Modi government, with the finance minister stating that the budget for 2022/2023 will lay the groundwork for economic growth through public investment.

A large number of commonly used items, including headphones, earphones, loudspeakers, smart meters, imitation jewelry, solar cells, and solar modules, will become more expensive due to a hike in customs duties on imported parts, as proposed by the finance minister in the Union Budget for 2022-23.

According to FM Sitharaman, customs duty on cut and polished diamonds and gemstones has been reduced to 5%, with plans to phase out more than 350 customs duty exemptions over time. The finance minister announced an extension of the exemption on implements and tools for the agriculture sector manufactured in India.