New reforms announced in Union Budget 2020 will give push to economy: PM Narendra Modi

`New reforms announced in Budget will give a push to the economy. Govt has announced many measures in Budget to push employment in the country,` the Prime Minister said.

NEW DELHI: Hailing the Union Budget 2020 presented by Union Finance Minister Nirmala Sitharaman in Parliament on Saturday (February 1), Prime Minister Narendra Modi said that the government has announced several measures to give a big boost to the economy. ''I congratulate Finance Minister Nirmala Sitharaman and her team for presenting the first Budget of the decade that has vision as well as action. New reforms announced in Budget will give a push to the economy. Govt has also announced many measures in Budget to push employment in the country," the Prime Minister said.

Prime Minister Modi also listed out various reforms announced in the Union Budget and said the measures announced will create employment in the country and help in doubling farmers' income. The PM further said that emphasis on agriculture, infrastructure, textiles and technology will boost employment in various sectors.

''The main areas of employment are agriculture, infrastructure, textiles and technology. In order to increase employment generation, these four have been given a lot of emphasis in this budget,'' PM said.

''The Budget has further strengthened the government's commitment of minimum government, maximum governance,'' PM Modi said, adding that it has eased the taxation process.

On the tax payer charter announced in Budget, the PM said that it will clarify rights of tax payers.

While expressing confidence that India will now move to become a key member of the global value chain, the PM said that the skill development of the youth has also been stressed upon in the Union Budget.

''Skill sets needed for the development of a modern and New India have been focussed,'' the PM said, adding that the ''Budget will give new energy to youth in country by promoting startups.''

The PM said that the goal to develop 100 airports in the country is very important for the tourism sector of the country. ''In tourism, there is more possibility of employment/income generation with lesser investment,'' the PM said.

The PM informed that the National recruitment agency will be using a universal exam which will be used by different govt agencies and departments to give jobs.

Among other measure, the PM said the insurance on bank deposits has been raised to Rs 5 lakh to improve the trust of the citizens it has on banks.