Promising to halve poverty by 2014 and add 12 million jobs each year, Finance Minister Pranab Mukherjee presented general budget for this fiscal that hikes income tax exemption limit and steps up allocations for welfare schemes and infrastructure, while assuring high growth for the $1.2 trillion economy once again.

The income tax exemption limit for senior citizens was sought to be hiked by Rs 15,000, while that for women and others was stepped by Rs 10,000. The 10 per cent surcharge on personal income tax also sought to be removed in Mukherjee's budget presented in the Lok Sabha.