"I have seen many budgets being presented in Parliament. The one that Finance Minister Arun Jaitley presented in Parliament today is certainly one of the best so far, for which I heartily commend him.
"Budget 2016-17 has the potential to give a big boost to India's economic growth with employment generation, while reducing social imbalances that have marred our country's development since Independence," he said in a statement.
The veteran leader said the most heartening aspect of the budget is its strong emphasis on the neglected task of revitalisation of agriculture and rural development, since more than two-thirds of India's population continues to live in rural areas.
He said the Budget has made "unprecedented" provision for accelerating and modernising India's infrastructure in critical areas such as highways, railways and rural roads.
"At a time when the global economy remains weak, India's growth is laudable. It looks to become even brighter in the coming years," he said.