Increased allocation of money in Defence sector: Nirmala Sitharaman

"There is a substantial increase in the defence sector," Sitharaman, the former Defence Minister said.

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."

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.