Making a strong re-election pitch, the BJP-led NDA government on Friday announced the biggest income tax sops for middle class, including complete exemption for income up to Rs 5 lakh, and Rs 6,000 annual cash dole to poor farmers in a scheme that will cost Rs 75,000 crore per year.

Finance Minister Piyush Goyal on Friday proposed to increase tax deducted at source (TDS) limit on rent income to Rs 2.4 lakh from the current Rs 1.80 lakh.

Last year, then finance minister Arun Jaitley had allocated an amount of Rs 1.48 lakh crore for the Railways in his budget.

Finance Minister doled out tax sops to middle class including doubling of income tax exemption limit to Rs 5 lakh, raising standard deduction to Rs 50,000 and provided concessions on interest income from bank deposits and rent.

Goyal, who was given the charge of the finance ministry temporarily recently, presented the Budget 2019-20 in absence of Jaitley, who is away in New York for medical treatment.

Presenting the Interim Budget 2019-20, Goyal said during the previous UPA government (2009-14), inflation averaged as high as 10.1 per cent.

Finance Minister Piyush Goyal said the Insolvency and Bankruptcy Code was helping in recovery of non-performing loans.

The main sectors that receive the maximum foreign inflows include services, computer software and hardware, telecommunications, trading, construction, automobile, and power.

Presenting the Budget for 2019-20 in the Lok Sabha, Goyal also said that current account deficit is likely to be 2.5 per cent of GDP this year.

Union Budget 2019-20: Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities: FM

The Union Budget 2019 or a Vote on Account is being seen as the last-ditch attempt to woo voters ahead of the general elections by the Modi government.

As it comes just three days ahead of the Budget 2019-20, the meeting assumes significance. The full-day meeting is likely to be attended by Reserve Bank of India Governor Shaktikanta Das.

Acknowledging its made-in-India status, the Indian Railways has named the indigenously manufactured semi-fast Train 18 as Vande Bharat Express, which will ply from the national capital to Varanasi, Railway Minister Piyush Goyal said on Sunday.

The meeting assumes significance as it comes just three days ahead of the Budget 2019-20, the last from this government before the general elections expected to be held in April-May.  

  Goyal, who was earlier this week given the additional charge of Finance Ministry, asked the taxmen to trust the customers with a great degree of intelligence, while adopting a customer friendly approach.

Union Minister Arun Jaitley, who is in the US for medical treatment, is in good health and recovering very rapidly, said interim Finance Minister Piyush Goyal.

Meanwhile, calling the Centre's announcement of employing over four lakh people in Railways "another jumla", former Finance Minister P. Chidambaram on Thursday said the Railway Ministry has "suddenly" woken up to posts lying vacant for nearly five years.  

Piyush Goyal will also continue to retain existing portfolios of Railways, Coal and Corporate Affairs.

Railway Minister Piyush Goyal on Wednesday said that all these extensions have been planned by utilising the lie-over periods of the existing trains at their respective terminating stations. 

Goyal has been given the responsibility for Puducherry, and the Andaman and Nicobar Islands.