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Union Budget 2021 | FDI limit in insurance hiked to 74%
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February 01, 2021 16:59 IST
‘This is bound to attract enhanced flow of capital to the sector, benefiting the economy,’ says the Confederation of Indian Industry
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‘This is bound to attract enhanced flow of capital to the sector, benefiting the economy,’ says the Confederation of Indian Industry
Union Finance Minister Nirmala Sitharaman on Monday announced an increase in Foreign Direct Investment (FDI) limit in insurance from 49% to 74%.
Tabling the Union Budget for 2020-21, she said, “We propose to amend the Insurance Act, 1938 and will launch a new investor charter for investor protection. Will launch a securities market code which will include the SEBI Act, the government Securities Act and the Depositories Act.”
Budget 2021: Pharma sector expects a booster shot, tax sops from FM Nirmala Sitharaman
With a cohesive effort from both public and private players, the Indian bio-pharma industry has the potential to unlock tremendous growth over the next few years
Vamsi Maddipatla | February 1, 2021 | Updated 10:23 IST
Biopharma has remained the dominant industry of the 21st century, and the trend is set to solidify in the post-pandemic world
Over the past year, the world has faced a deadly pandemic and lived through an unexpected economic shutdown. World-over, central banks have been flushing the economy with unprecedented levels of liquidity. And just days before the world marks a year since the first lockdowns came into effect, reports have shown that the global economy is on track to make a faster-than-expected recovery.
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AAA Praising the Union Budget for optimal usage of resources, movement towards recapitalisation, and thoughtful allocation of funds, Sandeep Singh, Confederation of Indian Industry (CII) Karnataka chairman, underlined that proposals required timely implementation by the government.
Terming the Budget “growth-oriented” and “consumption-oriented”, he said it was the right step towards reviving the economy. “Overall, the Budget is focussed on optimal usage of all the resources. The allocation of funds is at the right places. However, timely implementation is required by the government,” Mr. Singh said.
The Budget comes as a shot in the arm for beleaguered MSMEs as it proposes to double the allocation for MSMEs to ₹15,700 crore from last year, said KASSIA, the trade body representing small industries.