Budget merely a 'trailer', empowers all: PM Modi

New Delhi: Prime Minister Narendra Modi on Friday said that the Interim Budget is merely a "trailer" of what will guide India towards prosperity after the Lok Sabha polls and described it as something which will benefit all sections of the society.

In his remarks after the interim budget was presented in Parliament, Mr Modi said it empowers people and referred to a host of budgetary announcements and schemes to drive home his point.

More than 12 crore farmers, three crore middle class families and 30-40 crore workers employed in unorganised sector will benefit from the budget, he said, adding that poverty has been falling at a record rate due to the efforts of his government.

This budget will boost the efforts of 130 crore citizens in realising the goal of a new India, the Prime Minister said.

He added that the development initiatives of the NDA government have touched several lives which have been reflected in the budget proposals from farmer welfare to middle class, from income tax relief to infrastructure, from manufacturing to MSME, from housing to healthcare and from the increased pace of development to the New India.

The Prime Minister expressed happiness over more people being removed from the shackles of poverty.

"Our neo-middle class is rising and so are their dreams ... Interim budget a trailer for what will take India towards prosperity after Lok Sabha polls," he said in a televised statement.

Mr Modi said that PM Kisan Nidhi is a historic step for farmer welfare which will help the farmers who have under 5 acres of land. Modi added that the animal husbandry sector, fisheries have been taken care of in the budget for "new India".

In his statement, he thanked Arun Jaitley, undergoing treatment, and Finance Minister Piyush Goyal for the budget. Till recently, Jaitley was handling the finance portfolio. Mr Goyal now holds the additional charge of finance.

Home Minister Rajnath Singh described the budget as "historic" and said it will accelerate the process of creating a 'new India' which is confident, self-reliant, developed and prosperous.

Union minister Arun Jaitley, who had been holding the finance portfolio but had to relinquish the office for health reasons, said the government's decision to exempt income of up to Rs 5 lakh from tax will benefit the "great Indian middle class".

The significant announcement made by Goyal will strengthen the purchasing power of the middle class which holds the key for India's future, he said. He is currently in the US for treatment.