Arun Jaitley's 'Uttam' (Excellent) Budget Praised By PM Narendra Modi

New Delhi: Prime Minister Narendra Modi said Finance Minister Arun Jaitley has delivered an uttam (excellent) Budget which will strengthen the economy while propelling the crackdown on corruption and black money.

"The Finance Minister has presented an uttam Budget, devoted to strengthening the hands of the poor," the PM said after the Finance Minister revealed the annual Budget in Parliament.

Ahead of crucial elections in five states including strategically vital Uttar Pradesh, the PM stressed that the Budget pays special attention to the needs of farmers. Voting in states begins on Saturday.

Spending on the rural poor has been stepped up in the Budget, while basic income tax rates have been halved, both moves to ease the slowdown caused by the sudden demonetisation drive announced by the PM in November.

The Budget increased government funding for farmers, who have been hard hit by the currency ban, including by granting them a 60-day waiver on interest for agricultural loans. "The aim of the government is to double the income of farmers," PM Modi said.

More affordable housing for the poor has also been pledged in the Budget, along with 48,000 crores for MNREGA, India's largest anti-poverty scheme, which provides rural employment, guaranteeing 100 days of work at minimum wages in rural areas.