Union Finance Minister Nirmala Sitharaman presented the Union Budget 2026-27 on Sunday, amid global uncertainties around U.S. tariffs. The Budget draws a clear distinction between items likely to become cheaper for consumers and areas that could see higher costs. On the relief side, measures aim to lower prices for sports equipment, leather goods, cancer medicines, and seafood through customs exemptions, duty-free imports, and targeted policies, supporting both domestic industries and patients.
Cheaper products and support measures:
- Sports equipment: The government will launch a ‘Khelo India Mission’ to expand sports-related employment, skills training, and opportunities, which should also make sports gear more affordable.
- Leather goods: Duty-free imports of inputs used in leather and synthetic footwear manufacturing will now extend to shoe uppers, helping reduce costs.
- Cancer medicines: Customs duty will be waived on 17 cancer drugs, and seven additional rare diseases are included for import duty exemptions on medicines and special food for treatment.
- Seafood: Fish caught beyond territorial waters will be duty-free, providing relief to the fishing community.
- Microwave ovens: Specified parts for manufacturing microwave ovens will be exempt from basic customs duty.
- Solar panels and EV batteries: Exemptions continue for machinery and materials used to make lithium-ion battery cells and solar glass, reducing costs and promoting domestic production.
What could become costlier:
Trading activities and some corporate cash-distribution routes may see higher costs due to proposed changes in buyback taxation, Securities Transaction Tax (STT), and Tax Collected at Source (TCS). These measures aim to reduce tax loopholes and improve compliance, signaling a stricter approach to financial regulations.
