Union Budget 2026: The common man has very high expectations from the budget to be presented on February 1st. Everyone’s eyes are fixed on the budget to be presented tomorrow, February 1st. The question on everyone’s mind is how the budget will be this time and what will become cheaper. Finance Minister Nirmala Sitharaman will present the Budget 2026 at 11 AM on February 1st. This budget will be historic in many ways. Nirmala Sitharaman is also set to create a record by presenting her 9th consecutive budget.

Additionally, for the first time, the budget will be presented on a Sunday. The budget speech will be available on Doordarshan and the Government of India’s official YouTube channel. The live telecast of Budget 2026 will be available on the official parliamentary channel, Sansad TV, and the national television channel, Doordarshan. If you have weddings in your family and are considering buying gold jewellery, then there is big news for you. The Union Budget 2026-27 could be important for you. Before the budget, the gems and jewellery industry had high hopes for several major reforms from the government.

Import Duty Reduction

The biggest demand is for a reduction in import duties on raw materials such as gold, silver, platinum, and coloured gemstones. India is largely dependent on imports for these metals. High duties increase costs, making Indian jewellery expensive abroad. If import duties are reduced, jewellery prices could fall, and exports would also be boosted.

Reduced GST on Gold

GST is a major issue in the domestic market. Currently, a 3 per cent GST is levied on jewellery, and there is a demand to reduce it to 1 to 1.25 per cent. The industry says that customers are postponing purchases due to high prices. Lower GST would make gold cheaper and could increase demand.

The government may reduce the customs duty on gold from 6% to 4%. If this happens, gold could fall by about Rs 3,000 per 10 grams, and silver by Rs 6,000. In 2025, gold had increased by 75% and silver by 167%.

Reasons for the rise in gold and silver prices:

War and uncertainty: With rising global tensions, investors viewed gold as a “safe asset” to mitigate risk. According to the financial services firm JPMorgan, uncertainty has been the biggest driver of prices.

Weak dollar: The US dollar has weakened amid Federal Reserve interest rate cuts. Since gold and silver are traded in dollars, their prices surged as the dollar fell.

What could become cheaper?

Smartphones and tablets: Phones made in India could become cheaper after a reduction in customs duty on mobile spare parts.

Affordable homes: The tax exemption limit on home loan interest could be increased from ₹2 lakh to ₹5 lakh, making it easier for people to buy homes.

Electric vehicles (EVs): Electric scooters and cars could become cheaper if taxes on raw materials used in battery manufacturing are reduced.

Cancer medicines: Reducing duties on medicines for serious illnesses and life-saving medical devices could significantly improve treatment.

Domestic electronics: Relief is expected on TVs, refrigerators, and other home appliances manufactured in India.