A lot has conspired since the emergence of the Coronavirus pandemic, and Indian markets have been under constant fluctuations leading to the price hike of every commodity. While that wasn’t enough, the general public might yet again receive an alarming blow in the new fiscal year, as many new commodities have been added to the list of price hikes.
The recent reports suggest that almost everything including products like milk, electricity, cars-bikes, air travel, smartphones, and even more items will be costlier as April begins. The reason for this unprecedented spike is reported to be the increasing prices of raw materials.
Almost every organization has agreed to increase the price of electronic goods beginning in April.
Here is a list of things that are likely to get expensive from April 1, 2021:
- Vehicles
If the cost of vehicles wasn’t already high enough, several companies including Maruti, Nissan decided to hike the prices of their products. In a regulatory filing, the two-wheeler manufacturer also declared its decision to raise the prices of its two-wheelers in India.
Hero scooters and bikes will cost up to Rs. 2,500 more from April 1 under the terms of this hike.
- Television Sets
TV rates have been steadily rising for the past eight months, now purchasing a television will become costlier as of April 1, 2021. Television set manufacturers have reportedly demanded that television be included in PLI plans. TV prices are expected to rise by at least Rs 2000-3000 per unit beginning April 1st, 2021.
- Air Conditioners and Refrigerators
AC prices to go up by 5 percent due to customs duty hike, rise in logistics cost amid Coronavirus scare. The cost of an air conditioner and a refrigerator would increase as manufacturing costs rise.
The price of an air conditioner per device could rise from Rs 1500 to Rs 2000 as the demand for open-cell panels has also lead to an increase in its price by 35% on the global market. Panasonic, Haier, and Thomson will all see price increases as a result of this.
- Air Travel
The prices to travel by airlines are also soaring as the minimum fare for domestic flights will increase by 5%. Domestic aviation protection fees will be increased to Rs 200 starting April 1. Meanwhile, this fee will be increased from $ 5.2 to $ 12 for international flights.
- Milk prices
It is also being reported that Farmers have decided to increase the prices by Rs. 3/liter, which brings the milk prices to Rs. 49/liter.
- Electricity Bills
Electricity Bills in Bihar are expected to rise by 9 to 10%.
- Insurance
Term insurance premium rates will increase beginning in FY22, i.e. April 1, 2021. The reason for this hike is reported to be the higher death claims as a result of Covid-19 and higher reinsurance rates.
- Beer and other Alcohols
Liquor across Delhi NCR, Uttar Pradesh, Haryana, and Madhya Pradesh will be retailed at revised pricing with the onset of the new fiscal year. However, the authorities in Delhi have directed stores to clear the existing stock in three months at the same pricing, in the adjacent states the revised pricing will come into effect from April 1.
New beer and IMFL prices will be enforced in Uttar Pradesh on April 1. Beer, on the other hand, will become less expensive on April 1, while domestic and international liquor will become more expensive.