Particularly from today, i.e., April 1st is the day when the new Budget 2022 prevails. During her discourse in the Parliament in February, Finance Minister Nirmala Sitharaman divulged a 30% import duty on raw materials, such as aluminum ore and concentrate. As these raw materials are helpful to develop white goods like Televisions, Air Conditioners, and Refrigerators, the cost of production rises.
The aluminum ore and concentrate supply to India through imports is being taxed at 30%. Hence, there will be an increase in the prices of Televisions and other manufactured appliances. The rise in import duty on raw materials will have a direct effect, but manufacturers in India take a gospel that the war between Russia and Ukraine and the imposed lockdowns in China as a response to the surge of Covid may impact the prices of electronic goods in the country by 7-10%.
The CEO of Super Plastronics Pvt. Ltd said, ” This is a distressing situation for the industry as there is a price hike in commodities like metal and petroleum. So, there will be an effect of 7-10% in the prices of electronic goods next month.” As Russia and Ukraine are the world’s largest producers of important minerals and raw materials which are used in the making of chips and other components, the manufacturers are on tenterhooks that the war between Russia and Ukraine will affect the industry.
On the other hand, the government has proclaimed that any cryptocurrency transaction from April 1 will obtain a 30% tax per transaction. This may be the main point in the direction of the legislation of Indian cryptocurrencies if it becomes a liability to investors.