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Budget 2021-22 proposals rest on 6 pillars, says Nirmala Sitharaman

India Business News: In her speech, the finance minister mentioned that this year's budget proposals rest on six pillars -- health and well-being, physical, financial capi

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Winners and losers: Who got what in India's pandemic Budget


State-run banks
The government announced it was forming an asset management company to take over stressed assets of banks in an effort to clean up one of the world’s worst pile of bad loans. Banks, insurers rose on plans for setting up a bad-debt manager. State Bank of India Ltd., Bank of Baroda, Canara Bank, Union Bank of India, Bank of India and Punjab National Bank could be among the beneficiaries.
Textiles
Sitharaman’s announcement of the establishment of seven mega textile parks to be launched in three years could boost the sector, benefiting companies including Century Textiles Ltd., Raymond Ltd., Trident Ltd. and Arvind Ltd. among others.

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Tax exemption for senior citizens: Senior citizens above 75 years with only pension income exempted from ITR filing | India Business News

India Business News: Finance minister Nirmala Sitharaman on Monday said senior citizens who are 75 years or above from filing will be exempted from filing income tax retur

More-on-union-budget , Union-budget , Nirmala-sitharaman , Business-news , Senior-citizens , Pension , Interest-income , மேலும்-ஆன்-தொழிற்சங்கம்-பட்ஜெட் , தொழிற்சங்கம்-பட்ஜெட் , வணிக-செய்தி , மூத்தவர்-குடிமக்கள்

Budget 2021: Centre proposes to increase FDI cap in insurance sector to 74%


NEW DELHI: The government on Monday proposed to increase foreign direct investment (FDI) limit in the insurance sector to 74 per cent, 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.
She proposed to amend the Insurance Act 1938 to "increase the permissible FDI limit from 49 per cent to 74 per cent 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 per cent of directors being independent directors and specified percentage of profits being retained as general reserve," she said while presenting the Budget 2021-22.

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Insurance stocks zoom up to 12% after Centre proposes to increase FDI cap in sector


Insurance stocks zoom up to 12% after Centre proposes to increase FDI cap in sector
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Insurance stocks zoom up to 12% after Centre proposes to increase FDI cap in sector
PTI / Feb 1, 2021, 14:38 IST
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NEW DELHI: Shares of companies related to the insurance sector jumped up to 12 per cent on Monday after the government proposed to increase foreign direct investment (FDI) limit in the insurance sector to 74 per cent.
The New India Assurance Company zoomed 11.85 per cent, General Insurance Corporation of India jumped 8.78 per cent and ICICI Prudential Life Insurance Company gained 6 per cent on BSE.
Further, HDFC Life Insurance Company gained 5.19 per cent, ICICI Lombard General Insurance Company gained 3.96 per cent and SBI Life Insurance Company 3.74 per cent.

India , Nirmala-sitharaman , Prudential-life-insurance-company , Insurance-company , India-assurance-company , Insurance-corporation-of-india , Union-budget , Investment-strategist-at-geojit-financial-services , More-on-union-budget , Life-insurance-company , New-india-assurance-company , General-insurance-corporation

Guidebook for startups: Income tax benefits, other incentives for eligible ones


Guidebook for startups: Income tax benefits, other incentives for eligible ones
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Guidebook for startups: Income tax benefits, other incentives for eligible ones
Updated: Jan 30, 2021, 12:23 IST
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NEW DELHI: A startup, as generally understood, is a venture floated by entrepreneurs, often young and relatively inexperienced, with innovative ideas which could be transformed into a significant business opportunity.
The Prime Minister announced the “Startup India campaign” in 2016 to provide a nurturing ecosystem for innovation, technology and entrepreneurship. The Department for Promotion of Industry and Internal Trade (DPIIT) formulated the startup scheme.
Criteria for being an eligible startup:
* An entity which is less than 10 years old since its incorporation/ registration in India;

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'Increase R&D spend, jugaad will not help'


'Increase R&D spend, jugaad will not help'
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'Increase R&D spend, jugaad will not help'
TNN / Updated: Jan 30, 2021, 15:19 IST
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NEW DELHI: The Economic Survey has called for a significant ramp-up of R&D spend, especially by the private sector, arguing that mere reliance on ‘jugaad’ will not help get the required level of innovation.
It has contrasted India with other large countries, including China, to point out the huge potential for improvement. At the same time, it has called for process reforms, pointing out that India’s was one of the administrative processes which tend to over-regulate, leading to opaque decision-making.

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