Finance Minister Arun Jaitley today said the Union Budget 2016-17 deals with the reality of India, facing serious challenges in farm sector. <br/><br/>Interacting with media after presenting the budget in Parliament, Mr Jaitley said at the current scenario in terms of reality of India is that agriculture sector, rural sector and physical infrastructure require attention. <br/><br/>He said the government has given priority to these areas. On banking sector, Mr Jaitley said the first and immediate agenda is to strengthen the bank by recapitalisation. He said, as far as Public Sector Banks are concerned, the government has decided to to bring down its equity in long run to 52 per cent. <br/><br/>The Finance Minister said, in the budget, the government has provided relief to small and middle class taxpayers through presumptive tax and simplification of tax system. He said, this is the largest ever simplification in tax laws.<br/><br/>The public have generally welcomed the Union Budget for 2016-17. While provisions of more budget for skill development, crop insurance and increase in exemption limit on house rent have received public applause, additional taxes on luxury items and high end cars have not found favour with the public.

Finance Minister Arun Jaitley today said the Union Budget 2016-17 deals with the reality of India, facing serious challenges in farm sector. <br/><br/>Interacting with media after presenting the budget in Parliament, Mr Jaitley said at the current scenario in terms of reality of India is that agriculture sector, rural sector and physical infrastructure require attention. <br/><br/>He said the government has given priority to these areas. On banking sector, Mr Jaitley said the first and immediate agenda is to strengthen the bank by recapitalisation. He said, as far as Public Sector Banks are concerned, the government has decided to to bring down its equity in long run to 52 per cent. <br/><br/>The Finance Minister said, in the budget, the government has provided relief to small and middle class taxpayers through presumptive tax and simplification of tax system. He said, this is the largest ever simplification in tax laws.