Union Budget 2019 will fulfill dreams of New India: PM Modi

Modi said: "The budget will speed up the development process. Infrastructure will be modernised. The budget will increase women's participation and better education. Special efforts have been given on solar sector and such areas."

"The budget shows the process and belief is right so our target can be achieved," the Prime Minister added in his post-budget address.

Union Finance Minister Nirmala Sitharaman on Friday presented the first full Union Budget of the second Narendra Modi government and aimed to achieve a five trillion economy goal.

"It is within our capacity to reach the 5 trillion economy goal," Sitharaman said.

Giving stress on the infrastructure, Sitharaman, the second woman Union Finance Minister, said: "We need to invest heavily in infrastructure. New metro railway of 300 km approved during 2018-19."

Giving stress on FDI, the Finance Minister announced 100% FDI in Insurance intermediaries. "India's FDI flows in 2018-19 remained strong  at $54.2 billion, 6 percent higher than last year," said Sitharaman during her slightly-more-than two-hour speech.

She has also announced easing of KYC norms as a part of banking reforms.

Reaching out to the poorer section of the society, Sitharaman said: "Every single rural family except those who are unwilling will have an electricity and clean cooking facility."

"Pension benefit to be extended to around 3 crore retail traders and shopkeepers with an annual turnover less than 1.5 crores under Pradhan Mantri Karam Yogi Man Dhan Scheme," added the Finance Minister.

Aiming at more start-ups and entrepreneurship, Sitharaman said her government will support private entrepreneurship in agriculture. Also she announced a TV programme will be launched in the bouquet of DD channels for the start-ups.

She also announced no income tax will be required till annual income of Rs. 5 lakh.

However, taxpayers with an annual turnover of less than Rs 5 crore will have to file only quarterly returns.

To discourage the practise of business payments in cash, Sitharaman has announced the levy of 2% TDS in transaction exceeding 1 crore per year from a bank account.