Finance Minister Nirmala Sitharaman has concluded her Union Budget 2021-22 presentation. PM Modi referred to the budget as the one which shows India’s confidence and instils self-confidence.
As per the budget presented in the parliament FDI limit in insurance has been increased from existing 49% to 79%. Government has allowed foreign ownership in insurance with safeguards. The govt will also launch a Securities Market Code which will include SEBI Act, Govt Sec act, Depositories Act. With that the government is also proposing to strategically divest 2 PSU banks and 1 general insurance company. In 2021-22, the would also bring the IPO of LIC via requisite amendments. Further, The government aims to incentivize one-person companies. E-Courts shall be adopted and alternate mechanism of debt resolution will be set up.
FM has also announced measures under Aatmanirbhar Package for strengthening of ‘Sankalp of Aatmanirbhar Bharat’ with its focus on 6 pillars, which include – Health & Well-being, Inclusive Development, Human Capital, Innovation and R&D. As presented, the Government is also fully prepared to support and facilitate economic growth and they are introducing Aatmanirbhar Swastha Bharat Yojana with an outlay of Rs 64,180 crore. However in the budget there are no changes in the tax slabs, but the senior citizens above 75 years of age with only pension and interest income are exempted from filing IT returns