New Delhi, Finance Minister Piyush Goyal on Friday presented his maiden interim budget in the Lok Sabha highlighting initiatives and schemes of the BJP government for the common man of the country.

Reaffirming the government’s commitment against tax defaulters, Mr Goyal said almost Rs 3 lakh crore has already been recovered in favour of banks and creditors.

On Inflation, Mr Goyal said, “It is a hidden and unfair tax; from 10.1 per cent during 2009-14, we have broken the back of back-breaking inflation.”

“Current account deficit is expected to be 2.5 per cent this year,” said Mr Goyal.

“While inflation in December 2018 was 2.1 per cent. Fiscal deficit has been brought down to 3.4 per cent in the revised estimate of 2018-19,” he said. He also added that the government has initiated efforts to bring full representation for economically weak backward classes, by giving them reservation in jobs and education.

The Minister lauded government’s decision to increase MSP by 1.5 times the production cost for all 22 crops for the welfare of farmers and for doubling their income.

Also, to provide assured income support for small and marginal farmers, Pradhan Mantri Kisan Samman Nidhi scheme has been approved.He said, “Under the Pradhan Mantri Kisan Samman Nidhi, 6,000 rupees per year for each farmer, in three instalments, to be transferred directly to farmers’ bank accounts, for farmers with less than 2 hectares landholding.”

This initiative will benefit 12 crore small and marginal farmers, at an estimated cost of Rs 75,000 crore.”Instead of rescheduling of crop loans, the farmers severely affected by natural calamities will get 2 per cent interest subvention and additional 3 per cent interest subvention upon timely repayment,” he added further.