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 said that the govt is proposing to strategically divest 2 PSU banks and 1 general insurance company. In 2021-22, the would also bring the IPO of LIC for which it will be bringing the requisite amendments in this session itself, she said. The govt will now also incentivize one-person companies. she added that the NCLT system will be strengthened, e-Courts will be adopted and alternate mechanism of debt resolution will be set up. She also announced decriminalisation of LLP Act.
Speaking on the farmers issue, FM Nirmala Sitharaman said that the Modi Govt is committed to the welfare of farmers. The MSP regime has undergone a change to assure price that is at least 1.5 times the cost of production across all commodities, she said. Rs 75,060 crore is paid to farmers for wheat procurement in 2020-21, she added.
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.