If the pandemic wasn't enough to alarm the general public, the new fiscal year would also carry inflation. Almost everything will be more costly as April begins, from milk to electricity to cars and bikes to air travel and smartphones. Companies would have to raise the prices of electronic goods due to the increase in raw material prices. Almost every organization has agreed to increase the price of electronic goods beginning in April.
Here is a list of things that can get expensive from April 1, 2021:
Cars and bikes will be more expensive, starting April 1, 2021, as businesses raise vehicle costs. It has been announced by companies like Maruti, Nissan. Maruti Suzuki was the first to declare an imminent price rise in this wave, declaring that all of its cars in India would be increased in price. Following Maruti Suzuki, Nissan was the next OEM to declare a price hike for its vehicles in India. 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 2,500 more from April 1 under the terms of this hike.
Purchasing a television will become more costly as of April 1, 2021. TV rates have been steadily rising for the past eight months. TV producers have demanded that television be included in PLI plans. From April 1, there's a chance that TV prices will increase. The cause is being attributed to a sudden rise can be the use of open-cell panels in TV production.
The PLIS for the TV sector would greatly support local manufacturers in both scaling up operations and creating more job opportunities, similar to how the government banned the import of TVs last year to push and help the domestic industry. If the government is unable to do so, TV prices are expected to rise by at least Rs 2000-3000 per unit beginning April 1st, 2021.
AC and Refrigerator
Purchasing an air conditioner or refrigerator is also pricey. The cost of an air conditioner and a refrigerator would increase as manufacturing costs rise. The cost of an air conditioner per device could rise from Rs 1500 to Rs 2000. In just one month, open-cell panels have increased in price by 35% on the global market. Panasonic, Haier, and Thomson will all see price increases as a result of this. Copper prices have soared to new highs, increasing the cost of consumer products such as air conditioners, refrigerators, coolers, and fans. Their prices will continue to rise in the coming days as a result of this situation.
Travelling by air would also be more costly, as the minimum fare for domestic flights will increase by 5%. Domestic aviation protection fees will be increased to Rs 200 starting April 1. It is currently 160 rupees. This fee will be increased from $ 5.2 to $ 12 for international flights.
"Aviation Security Fee for domestic passengers will be levied at the rate of Rs 200 per embarking passenger. Aviation Security Fee for international passengers will be levied at the rate of USD 12 or equivalent Indian Rupees embarking passenger. The new rates will be effective on tickets issued on or after April 1, 2021," the DGCA order dated March 19 stated.
Farmers have reported a Rs 3 per litre price increase, bringing milk prices to Rs 49 per litre. As a result, the price of all milk products may rise.
Bihar's electricity bills are expected to rise by 9 to 10%, causing residents to spend more money.
Term Insurance Plan
Term insurance premium rates will increase beginning in FY22, i.e. April 1, 2021. This is mostly attributed to higher death claims as a result of Covid-19, as well as higher reinsurance rates.
With the new financial year coming into effect from April 1, liquor across Delhi NCR, Uttar Pradesh, Haryana and Madhya Pradesh will be retailed at revised pricing. While 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.
In Uttar Pradesh's new excise session, which starts on April 1, new beer and IMFL prices will be enforced. Beer, on the other hand, will become less expensive on April 1, while domestic and international liquor will become more expensive.