Under the new regime, people earning up to Rs 5 lakh will pay no tax and those up to Rs 7.5 lakh will pay 10 percent tax, against the present 20 percent. In the Budget, the govt also announced that it will sell a part of its holding in LIC.
With an emphasis on capacity building and empowerment of marginalised sections of society including farmers, the Union Budget intends to ensure, as said by Sitharaman, that "our people should be gainfully employed.
In the Union Budget 2019-20 presented today, FM Nirmala Sitharaman laid out a 16-point action to set the agriculture sector up for better times. An allocation of Rs 2.83 lakh crore will be made for the agriculture sector, the FM announced.
"With renewed vigour, under PM's leadership, we commit ourselves to present the people of India with all humility and dedication. People have reposed faith in our economic policy," she added.
The government is widely expected to raise spending on infrastructure and cut some personal tax to spur consumer demand and investment.
In July last year, Sitharaman had said that the Modi government is not a "suitcase-carrying government", in an apparent jibe at the past dispensations.
Unless we give substantial incentive for renewable energy, particularly when it comes to the question of mobility...emissions from vehicles that use fossil fuel is main reason for suspended particles in air...So we wanted to make sure that if we have made a good commitment for improving air quality conditions we have to support electric vehicles
It was also the maiden budget for Sitharaman, who becomes the second woman finance minister after Indira Gandhi to do so in the history of independent India.