Admitting that there is a lack of headroom to pursue fiscal expansion, Union Defence Minister Rajnath Singh said on Saturday that Budget 2020-2021 has done a "wonderful job at this juncture" and is promising, proactive and progressive.

"The first Budget of the new decade presented today by Finance Minister Nirmala Sitharaman gives an outline of a new and confident India. It is a promising, proactive and progressive Budget which will make India healthy and wealthy in coming years," he said.

The Defence Minister said the Budget has a clear focus on the welfare and development of all sections of the society and gives special attention to farmers.

"The measures announced today will certainly spur growth and create new job opportunities," he said.

The minister said the Budget is not only investment friendly but will also go a long way in doubling farmers' income and unshackling the Indian industry.

It also promises the investors, tax payers and wealth creators a predictable environment by assuring them protection against tax harassment.

"The new tax regime will reduce tax burden on common man. It will pave the way for an efficient tax system, in sync with the best practices in the world", the minister said.

"Strategic allocations have been made in this Budget for agriculture, education, health, water, sanitation and skill development. Policy intervention in new tech economy is indeed a welcome move", he said.

"Under the leadership of Prime Minister Narendra Modi, the nation aspires to be a $5 trillion economy. The Budget today has emphatically laid down this goal to be achieved by 2024-25," he added.