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The Finance Minister said this Budget continues the government's efforts to accelerate growth and secure inclusive development. It aims to invigorate private sector investments, uplift household sentiments and bolster the power of India's rising middle class, she said.
Beginning her speech, she said geopolitical headwinds suggest slower global growth and that India's economy is growing the fastest among all major economies. She said India's development track record has drawn global attention.
Quoting Telugu poet and playwright, Ms Sitharaman said she said a country not just its soil, but its people. She said agriculture, MSME, investments and exports are the engines that will continue India's development journey.
Amid big expectations of taxpayers, Ms Sitharaman announced a new Income Tax Bill that will be clear, direct and simple to understand. This law, she said, will lead to lower litigation. The personal income tax reforms will focus on the middle class, she said.
In the agriculture sector, she said, the government will undertake the Pradhan Mantri Dhan Dhanya Krishi Yojana. This scheme is aimed at enhancing productivity, adopting crop diversification and augmenting post-harvest storage at the panchayat and block level, she said. It will also bolster to bolster irrigation and improve the availability of short- and long-term credit to farmers.
The Finance Minister also announced plans to set up a makhana board in Bihar. The focus on the eastern state is significant as the ruling BJP and its key ally JDU gear up for the Assembly polls this year.
The Finance Minister had several promises for the MSME sector, which has been a key focus area of the Narendra Modi government. The credit guarantee cover for MSMEs would be enhanced to Rs 10 crore from Rs 5 crore, she said.
The minister said the government would introduce customised credit cards with Rs 5 lakh limit for registered micro-enterprises. New schemes will be launched for about 5 lakh women and backward communities entrepreneurs, she said.
Ms Sitharaman said the government would set up a National Manufacturing Mission for small, medium and large industries. This mission would also support clean technology, build an ecosystem for solar cells and EV batteries.
The minister announced a Saksham anganwadi and Poshan 2.0 programme to provide nutritional support to 8 crore children and women.
To promote scientific temper in young minds, 50,000 Atal Tinkering Labs would be set up to foster scientific temper among young minds. The government will also provide broadband connectivity to all government secondary schools.