On February 1, Finance Minister Nirmala Sitharaman presented the Union Budget 2022 in Parliament. She announced that more than 350 exemption entries proposed would be gradually phased out. Many items including mobiles phones, clothes, will become cheaper, while imported items will become costlier. Customs duty on cut and polished diamonds and gemstones has been reduced to five per cent. Customs duty on umbrellas has been raised to 20 per cent. Watch the video to know more.