He also welcomed the announcement to set up Indian Institute of Technology (IIT) in Chhattisgarh.
Prime Minister Narendra Modi-led Union Government's maiden budget, presented today, addresses the interest of every section of the society and includes important provisions for revival of economy and control of inflation, Singh said here.
It will not only expedite country's development but also give a major boost to the economy, he added.
"This is the best and the most balanced budget that could have been designed to strengthen the country's economy. This budget gives a clear message that Prime Minister Modi and his government is committed to fulfill all the promises in the manifesto in a strategic and organised manner.
The hike in royalty on minerals and increased investment in mining sector will greatly benefit the mineral-rich states such as Chhattisgarh, he said.
The announcement of extending rebate limit on income-tax will prove beneficial to crores of people belonging to 'service class', middle class and lower middle class as well as senior citizens. Rebate limit on home loan interest has been hiked from Rs 1.5 lakh to Rs 2 lakh, which will benefit all income-taxpayers, he said.
Meanwhile, the main opposition Congress in the state claimed that the budget lacked long-term development vision.
The first budget of any government which has been elected with a full majority should have a long-term development vision but the budget appears to be silent on such long-term concerns, the Congress leader said.