Budget 2021 Highlights and Important Points: Nirmala Sitharaman said the budget for 2021-22 rests on six pillars – from healthcare to infrastructure. She also announced a total spend of around Rs 2 lakh crore on healthcare.
The government on Monday proposed to increase the foreign direct investment (FDI) limit in the insurance sector to 74 percent, a move aimed at attracting overseas players.
In the first paperless Union Budget, Finance Minister Nirmala Sitharaman also said investor charter would be introduced as a right of all financial investors across all financial products.
Nirmala Sitharaman proposed to amend the Insurance Act 1938 to “increase the permissible FDI limit from 49 percent to 74 percent in insurance companies and allow foreign ownership and control with safeguards”.
“Under the new structure, the majority of directors on the board and key management persons would be resident Indians with at least 50 percent of directors being independent directors and specified percentage of profits being retained as a general reserve,” Nirmala Sitharaman said while presenting the Budget 2021-22.
Budget LIVE: As in income tax, no slab changed ન no exemption; 1.5 lakh extra rebate on interest for a home increased by 1 year, 75+ pensioners exempted from filing IT returns.
With the help of NGOs, the state government, and the private sector, 100 new military schools will be started 20,000 crores will be invested in government banks. A reconstruction company and an asset management company will be set up to help banks get rid of NPAs.
Finance Minister Nirmala Sitharaman is presenting the budget. The ads so far have focused more on health and infrastructure.
Read In Gujarati Click Here
The finance minister has announced to spend Rs 2.27 lakh crore on road infrastructure in the four states to be elected this year, Tamil Nadu, Kieran, Bengal, and Assam. It focuses more on Tamil Nadu than on Bengal.
Earlier, the Modi government had presented the Union Budget eight times. In which it was stated which things became cheaper and which things became more expensive. The budget provides information on changes in the prices of everything from mobiles to cars and from gold-moons to home appliances.
So many things became cheaper according to this budget
- Leather products2. Dry cleaning became cheaper
- Iron products became cheaper
- Pants became cheaper5. Electricity became cheaper
- Insurance became cheaper
- Steel utensils became cheaper8. Shoes became cheaper
- Gold-silver became cheaper
- Agricultural implements became cheaper
- Polyester fabrics became cheaper12. Nylon became cheaper
So many things are expensive in this budget
1. Mobiles and chargers became expensive2. Trains become expensive3. Electronics became expensive
4. Cotton clothes became expensive5. Gems became expensive6. Leather shoes became expensive
7. Petrol-diesel became expensive8. Chickpeas became expensive9. Urea became expensive
10. Chickpeas became expensive
11. Alcohol and alcohol are expensive
12. Auto parts became expensive
Insurance X 1938 will be amended. FDI in the insurance sector will be increased from 49% to 74%.IDBI will be investing in two banks and one public sector company as well. The law will be amended for that. An IPO for LIC will also be brought.
20,000 crore will be invested in government banks. A reconstruction company and an asset management company will be set up to help banks get rid of NPAs.