In the absence of Finance Minister Arun Jaitley, acting Finance Minister Piyush Goyal presented the last budget of Modi government’s first term. The NDA-led government unveiled their last budget before the Lok Sabha elections with some major announcements for the middle class, economically weaker section, farmers, and the unorganised sector workers. While presenting the budget, Piyush Goyal had said, “I can proudly say that India is solidly back on track and marching towards growth and prosperity. We have prepared the foundation for sustainable growth, progress and better quality of life for all our people.” He had added that government is moving with a mission of ‘New India’ by 2022: an India which is clean and healthy, where everybody would have a house with universal access to toilets, water and electricity. (Photo Credit: PTI)
The major announcement in the budget included a special package of Rs. 6,000 per annum for farmers with less than 2 hectares of land under the PM Kisan Samman Nidhi. (Photo Credit: PTI)
In order to reduce the burden on the middle, the Budget proposed to raise the income-tax threshold from Rs 2,50,000 to Rs 500,000. The acting finance minister Piyush Goyal announced that individual tax payers with annual income up to Rs. 5 lakh would receive full tax rebate. (Photo Credit: News Nation)
With an aim to provide employment and to strengthen Micro, Small and Medium Enterprises (MSME) sector, the budget stipulated that 25% of sourcing for government projects would be from the MSME sector. Out of this, at least 3% would be sourced from women-owned SMEs. (Photo Credit: PTI)
A Capital expenditure allocation of Rs 1.58 trillion was announced for the Indian Railways. It was reported to be the highest ever for the Indian Railways. (Photo Credit: PTI)
The Defence Budget crossed Rs 3 lakh crore for the first time. The budget had promised to provide additional funds, if necessary. (Photo Credit: PTI)
