Presenting the Budget for 2019-20 in the Lok Sabha, Goyal also said the government has been providing cheaper drugs through Jan Aushadhi stores.
Construction of rural roads tripled under Pradhan Mantri Gram Sadak Yojana, he said while also announcing setting up of Rashtriya Kamdhenu Aayog to enhance productivity of cows.
Presenting the Interim Budget 2019-20, Goyal said during the previous UPA government (2009-14), inflation averaged as high as 10.1 percent.
"Due to a stable and predictable regulatory regime, a growing economy and strong fundamentals, India could attract massive amount of foreign direct investment during the last five years, as much as USD 239 billion worth received as FDI.
Piyush Goyal was referring to allegations of giving of "rampant loans over phone" during the UPA regime.
As part of the package, which includes an income support scheme, will transfer a sum of Rs 6,000 per year to farmers who own upto 2 hectares of land.
"Fiscal deficit has been brought down to 3.4 percent in the revised estimate of 2018/19," Piyush Goyal told the Lok Sabha as he delivered the Hindu nationalist-led government's last budget for an election that must be held by May.
Presenting the Interim Budget for 2019-20 in the Lok Sabha, Goyal said India has been recognised as the brightest spot in the world in last 5 years.
Prime Minister Narendra Modi-led government's sixth and final budget before the polls due by May is an interim budget or a 'Vote on Account'.
In last year's Budget, the Finance Ministry had allocated Rs 55,000 crore for employment guarantee scheme.
The government had earlier pegged fiscal deficit target at 3.3 percent of GDP for the financial year 2018-19.
The Department of Economic Affairs under the Ministry of Finance prepares the Budget in consultation with other ministries and stakeholders.
Piyush Goyal, the interim finance minister, will present the 2019-20 budget to parliament, in the absence of Finance Minister Arun Jaitley, who is currently in the United States for medical treatment.
The budget will also likely contain a retail trade policy, defining the rules of the game amid a bitter tug-of-war between transnational ecommerce giants and the local traders.
Interim Finance Minister Piyush Goyal will present the Interim Budget 2019 in the Parliament today.
The government is likely to address rural distress. Some are also talking about poverty alleviation schemes which could even include Universal Basic Income.
Speaking at the launch of the International Energy Agency report 'The future of Rail', the minister said huge investment in railways over the past five years had helped improve safety and complete long-delayed projects.
In a developing economy, the government will always find compelling reasons to spend more, but it should not lose sight of the larger goal of maintaining macroeconomic and financial stability.
Nearly 64 percent of respondents want the government to use this Budget to introduce tax measures
Manmohan Singh’s Victor Hugo quote has been the best so far
In the 10-hour long meeting, bankers chalked out ways to ensure better loan recoveries and easy credit disbursal.
Addressing the Central Board of Indirect Taxes (CBIC) officers on the occasion of International Customs Day, Goyal asked the tax officers to consider crowdsourcing of feedback from stakeholders as to what more could be done towards adopting a taxpayer friendly approach by the department.
Jaitley, who ran the finance ministry, would not be presenting the interim budget on February 1, sources familiar with the matter told Reuters this week.
Goyal, who has been given an additional charge of the finance ministry on Wednesday in the absence of Arun Jaitley, is scheduled to meet chiefs of the state-owned banks on Monday to review financial performance of the banks.
Senior Congress leader Anand Sharma said the government's intent in doing so is questionable and termed the move a "desperate attempt" to make "grandiose announcement and hoodwink people" in contravention of the Constitution.