FM announces increase in FDI limit in insurance sector from 49% to 74%

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 In her Union Budget 2021-22 speech, In the Union Budget 2021-22, FM Nirmala Sitharaman has announced FDI limit in insurance increase to be increased to 74% from now existing 49%. Govt 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. SEBI will be notified as regulator for a gold exchange. FM Nirmala Sitharaman has also announced measures under Aatmanirbhar Package. She said the early PM garib Kalyan Yojana amounted to almost presenting 5 “mini budgets” in 2020. She proposed strengthening of ‘Sankalp of Aatmanirbhar Bharat’. Focus on 6 pillars, which include – Health & Well-being, Inclusive Development, Human Capital, Innovation and R&D. FM added that the govt is fully prepared to support and facilitate economic growth and they are introducing Aatmanirbhar Swastha Bharat Yojana with an outlay of Rs 64,180 crore. FM said that, today India has two vaccines available and has begun safeguarding not only her own citizens against COVID-19 but also those of 100 or more countries. It has added comfort to know that two more vaccines are also expected soon. FM announced that Jal Jeevan Mission Urban will be launched with and outlay of ₹ 2.87 lakh crore over 5 years which is aimed at universal water supply in all 4,378 urban local bodies, with 2.86 crore household tap connections and liquid waste management in 500 AMRUT cities. She also announced Urban Swachh Bharat Mission 2.0 with outlay of ₹ 1,41,678 crore over 5 years from 2021 focused on complete fecal sludge management, waste water treatment, source segregation, management of waste from urban construction, bioremediation of legacy dump sites.

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Announcing major infrastructure boost, FM announced highway works in various states including 3,500 km corridor in Tamil Nadu, 1,100 km in Kerala at investment of Rs 65,000 crore, 675 km in West Bengal at a cost of Rs 95,000 crore and 1,300 km in Assam in the next 3 years. In May 2020, Govt announced the Atmanirbhar Bharat package, to sustain the recovery further we also rolled out two more Atmanirbhar packages. Total financial impact of all packages including measures taken by RBI was estimated to be about Rs 27.1 lakh crores, Sitharaman added.