The government has proposed to increase the permissible FDI limit in insurance companies to 74 per cent. Previously the limit was 49 per cent. While presenting the budget 2021, Union Finance minister Nirmala Sitharaman has also proposed to allow foreign ownership and control with certain safeguards.
In her 2019 budget speech, Sitharaman had said that the government will explore further easing the Foreign Direct Investment (FDI) limit in insurance. The government has previously permitted 100 per cent foreign investment in insurance intermediaries.
Union Finance Minister Nirmala Sitharaman presented her third budget this year at 11 am. Amid the ongoing Coronavirus pandemic, the Finance Minister presented a paperless budget. This is the first time in India's history that a paperless Union Budget was presented. As the budget papers will not be printed, the Finance Minister had also launched an official mobile app to provide complete access to all budget documents. The mobile app can be downloaded from the Union Budget Web Portal www.indiabudget.gov.in.
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The Finance Minister had assured a budget “like never before”. The budget 2021 has a greater significance as it comes amid the COVID-19 pandemic which has caused economic disruption.
FM Nirmala Sitharaman replaced the Swadeshi 'bahi khata' and switched to a tablet. She was seen carrying a tablet kept inside a red coloured cover with a golden coloured national emblem embossed on it. The Economic Survey 2020, presented by FM Nirmala Sitharaman on Friday pegged the GDP growth at 11 per cent in FY22.
