Finance Minister Arun Jaitley on Saturday presented the Narendra Modi government's first full budget, promising to revive the economy from what he termed was a period of gloom.
The minister said the country was now the fastest growing economy and, earning praise from Prime Minister Narendra Modi who said the budget "was practical and pro-poor, pro-growth, pro-middle class, pro-youth."
Among the highlights of Jaitley's speech were: No change in personal Income Tax, Health Insurance Premium deduction hiked from Rs 15,000 to Rs 25,000; for senior citizens to Rs 30,000, transport allowance exemption hiked to Rs 1,600 from Rs 800 per month, additional 2% surcharge on people earning over Rs 1 cr; Direct Taxes Code (DTC) dropped, Rs 50,000 deduction for contribution to New Pension Scheme, Corporate Tax cut to 25% over next four years.
Below is the full text of the Budget speech:
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Updated Date: Feb 28, 2015 15:46:06 IST