In Pictures: FM Nirmala Sitharaman presents her first Union Budget

SUMMARY

Union finance minister Nirmala Sitharaman in her maiden budget speech announced that country is ready to become a $3 trillion economy while unveiling key proposals for this financial year. The government also cut the fiscal deficit for the financial year seen at 3.3 percent of GDP, 0.1 percent lower than the previous FY. It also allocated Rs 70,000 crore for PSU bank recapitalisation this financial year. Here are a few key highlights from the Union Budget.

By CNBC-TV18Jul 5, 2019 6:12:51 PM IST (Published)

Finance Minister Nirmala Sitharaman arrives at her office before leaving for parliament to present the Union Budget in New Delhi, July 5, 2019. Unveiling the budget after a major victory in national elections, finance minister Nirmala Sitharaman on Friday set a target of a $5 trillion economy by 2025 from the present $2.7 trillion. REUTERS/Anushree Fadnavis

Finance minister Nirmala Sitharaman, center, waves to media with her team outside finance ministry before proceeding towards the parliament house to unveil the Union Budget in New Delhi, Friday, July 5, 2019. The government cut the corporate tax rate to 25 percent for nearly all companies. (AP Photo/Mariya Amrayeva)

In the budget announcement today, finance minister Nirmala Sitharaman lowered the fiscal deficit target to 3.3 percent for the current fiscal from the earlier estimate of 3.4 percent of the GDP. The move underscores the government's commitment to fiscal consolidation. REUTERS/Adnan Abidi

India's Finance Minister Nirmala Sitharaman (C) gestures during a photo opportunity as she leaves her office to present the federal budget in the parliament in New Delhi, July 5, 2019. The government has proposed to increase the minimum public shareholding to 35 percent from 25 percent. REUTERS/Anushree Fadnavis

Finance Minister Nirmala Sitharaman arrives to present the 2019 budget in Parliament, New Delhi, July 5, 2019. The government will allocate Rs 70,000 crore for PSU bank recapitalisation this financial year. REUTERS/Adnan Abidi

The government will allocate Rs 70,000 crore for PSU bank recapitalisation this financial year, Sitharaman announced in the budget presentation today. It also announced that Rs 100 lakh crore would be invested into the infrastructure sector over the next five years while highlighting the need for public-private partnerships to ensure delivery of projects. REUTERS/Anushree Fadnavis

Finance Minister Nirmala Sitharaman, center, and junior Finance Minister Anurag Thakur, left stands for the media at the parliament house before presenting the Union budget in New Delhi, Friday, July 5, 2019. The government said that it will raise part of its gross borrowing in external markets in foreign currencies. (AP Photo/Manish Swarup)

Finance minister Nirmala Sitharaman carries annual federal budget for the year 2019-20 to be presented at the parliament house in New Delhi, India, Friday, July 5, 2019. Sitharaman carried a traditional "bahikhatta," or ledger, in a break with budget tradition but opting for a practice rooted in Indian tradition. (AP Photo/Manish Swarup)

A sniffer dog checks bags containing the copies of the federal budget for the year 2019-20, that will be distributed to lawmakers at the parliament house in New Delhi, Friday, July 5, 2019. The government increased the import duty on gold and precious metals to 12.5 percent from the earlier 10 percent. (AP Photo/Manish Swarup)

Indian security men stand guard next to the bags carrying federal budget documents for the year 2019- 20, that will be distributed to lawmakers at the parliament house in New Delhi, Friday, July 5, 2019. The government will extend pension benefit to three crore retail traders with an annual turnover less than Rs 1.5 crore under Pradhan Mantri Karam Yogi Man Dan Scheme. (AP Photo/Manish Swarup)

Union Finance Minister Nirmala Sitharaman presents the Union Budget 2019-20 in the Lok Sabha at Parliament, in New Delhi, Friday, July 05, 2019. Funds raised by startups will not be subject to scrutiny, with respect to the valuation of securities, by the Income Tax Department, thereby proposing to ease angel tax, the finance minister said.

(LSTV/PTI Photo)