New Delhi, Aug. 8 -- The Union cabinet approved a massive Rs.51,407 crore spending plan on Friday, addressing key areas from infrastructure and energy subsidies to a new version of its direct tax law. The new Income Tax Bill, 2025, which incorporates feedback from a parliamentary committee, will be introduced in the Lok Sabha on Monday.

The spending package includes a significant payout to state-owned fuel retailers for past losses and funds for a new highway, a regional development plan for the Northeast, and a technical education scheme.

A substantial portion of the budget- Rs.30,000 crore-has been earmarked to compensate the country's three public sector oil marketing companies: Indian Oil Corp., Bharat Petroleum Corp., and Hindustan...