New Delhi | Prime Minister Narendra Modi on Tuesday hailed the Union Budget for its measures for every section of society, asserting that it has heralded better growth and a bright future.

"The budget will act as a catalyst in making India the third-largest economy in the world and will lay a solid foundation for a developed India," he said in his televised remarks after Union Finance Minister Nirmala Sitharaman presented the budget in Parliament.

Modi lauded the budget's sharp focus on the youth, backward sections, women and middle class as also on manufacturing and infrastructure sectors, and asserted that the proposed employment-linked incentive schemes will create crores of new jobs.

"This visionary budget will uplift and empower every stratum of our society, paving the way for a brighter future for all," he said, stressing his government's commitment to generating employment and self-employment opportunities.

The employment-linked incentive scheme will create crores of jobs, he said, noting that the first salary of the first job of a youngster will now be borne by the government. He also mentioned provisions for higher education and the scheme for internships for 1 crore youths.

"Working in top companies under the scheme, the young interns will find new avenues of possibilities," Modi said.

The rise in the limit of collateral-free loans under the Mudra scheme from Rs 10 lakh to Rs 20 lakh will greatly benefit small businessmen, women, Dalits, backwards and the deprived, he added.

Modi said the development of the country's eastern region will get new momentum and energy through the budget's "Purvodaya" vision. New impetus will be given to the development of important infrastructure such as highways, water projects and power projects, he added.

"A big focus of this budget is the nation's farmers," the prime minister said, noting that the government, after unveiling the world's biggest grain storage scheme, has now introduced "Vegetable Production Clusters" which will help both farmers and the middle class.

"It is the need of the hour for India to become self-reliant in the agricultural sector. Therefore, measures have been announced to help farmers increase the production of pulses and oilseeds," he said.

Modi said the budget was aimed at making the middle class stronger and would provide a new scale to education and skills development.

"The budget has come up with strong plans to empower the tribal society, Dalits and backward classes. This budget will help in ensuring the economic participation of women," the prime minister said.

He said the budget will provide a new path of progress for small traders and MSMEs.

"There is a lot of focus on manufacturing and infrastructure in the budget. This will give new impetus to economic development," Modi added.

The prime minister said that over the last 10 years, around 25 crore people have come out of poverty.

"Building on this momentum, this budget will further energise the aspirations of our neo-middle class. Unprecedented opportunities will be unleashed for our younger generation," he said.

"Also, this budget will empower the middle class like never before," the prime minister said.

Touching upon the schemes for poverty alleviation and empowerment of the poor, he highlighted the measures for three crore houses for the poor and the "Janjatiya Unnat Gram Abhiyan", which will link five crore tribal families to basic facilities with a saturation approach.

The budget brings numerous opportunities for India's start-ups and innovation ecosystem, Modi said, referring to the Rs 1,000 crore corpus fund to vitalise the space economy and the decision to abolish the angel tax.

"Record high capex will become a driving force of the economy," the prime minister said.

He said the development plans of 12 new industrial nodes, new satellite towns and transit plans for 14 big cities would enable the development of new economic hubs in the country and create numerous jobs