The Union Budget 2026-27, presented by Finance Minister Nirmala Sitharaman on February 1, 2026, is like a roadmap for India’s spending. It decides where money goes for schools, jobs, health, and more. This year, the focus is on making India self-reliant, boosting jobs, and helping key areas like health and education. But what does it mean for prices? Some things will cost less, while others will go up. In this blog, we’ll break it down simply. We’ll look at key highlights, list what’s cheaper and costlier, and explain how it impacts you.
Let’s dive in!
First, think about it. The budget sets aside huge amounts for education and skills. For 2026-27, the government plans to spend ₹12.2 lakh crore on big projects like roads and factories. This creates jobs, which could help you after school. Plus, the fiscal deficit – that’s like the government’s overspending – is targeted at 4.3%. It means they’re trying to keep things stable. No big changes in income tax slabs this time, but the new tax regime lets you pay zero tax up to ₹12 lakh income. That’s good news if you start earning soon. Now, let’s get to the fun part: price changes!
Before we list prices, here’s a quick overview. The budget pushes “Make in India” by cutting duties on parts for phones and EVs. It also helps health by making medicines free of import taxes. For the environment, solar panels and clean energy get boosts. Sports get a shoutout with the “Khelo India Mission,” aiming for more jobs in sports. Overall, it’s about growth without too much borrowing. Experts call it “producer-centric,” meaning it helps businesses make things here, which could lower prices long-term. But some items see quick changes. Ready for the lists?
Great news! Many everyday items and big needs will cost less. The government cut customs duties – that’s taxes on imports – to make these affordable. Here’s a clear list with facts:
These cuts aim to help health, tech, and fun. For students, cheaper phones mean better online learning tools. Plus, affordable meds keep families healthy.
Not everything drops. Some items rise to discourage bad habits or protect local makers. The government added duties or taxes here. Check this list:
These hikes push people toward healthier choices and local products. For you, it means thinking twice about junk like tobacco.
Now, connect the dots. Cheaper meds mean less worry if someone in your family gets sick. Affordable phones help with studies – think apps for math or science. Lower travel taxes could mean family vacations or study abroad dreams. On the flip side, costlier tobacco might keep friends from bad habits. Plus, the budget boosts skills with ₹2 lakh crore for jobs. It plans high-speed trains and medical hubs, creating future careers.
But remember, prices don’t change overnight. Shops might take time to adjust. Also, indirect effects matter. Cheaper EVs mean cleaner air for your generation. Higher duties on luxuries fund schools. Overall, it’s balanced for growth.
The Union Budget 2026 mixes savings and smart spending. Items like life-saving medicines and gadgets become cheaper, while things like alcohol and tobacco rise in price. This balanced approach supports India’s push toward becoming a stronger economy in the coming years. As students, keeping an eye on these changes builds good money habits and helps you understand real-world economics. What do you think about these shifts? Feel free to discuss with friends, family, teachers or in class!
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