Prime Minister Narendra Modi on Wednesday hailed Finance Minister Arun Jaitley for presenting an "uttam" (excellent) Budget and said it will give new strength to the economy while also focused on eliminating corruption.

"The Finance Minister has presented an 'uttam' Budget, devoted to strengthening the hands of the poor," Modi said after the Union Budget 2017-18 was presented in Lok Sabha.

"This is a Budget which will give new strength to the economy," he said.

"The commitment to eliminate corruption and black money is reflected in the Budget."

The Prime Minister also said the merger of the Railway Budget with the General Budget will give an impetus to the transport sector's growth.

"The aim of the government is to double the income of farmers," Modi said.

"This Budget is yet again devoted to the well-being of the villages, farmers and the poor," Modi added.

Modi also highlighted the special emphasis given to women empowerment in the Budget.

Emphasising on the Railway Safety Fund, Modi said, "A separate Rail Safety Fund of Rs one lakh crore has been announced by the Finance Ministry for the safety."

He said the housing sector stands to gain immensely from the Budget.

"This Budget will help small businesses to become competitive in the global market," he added.