Finance Minister Nirmala Sitharaman is going to present the first paperless Union Budget 2021-22. The FDI limit of insurance is 49%and the union is planning to increase the insurance by 74%. Foreign ownership of the insurance will be there with the safeguards. Government of India is going to launch a Security Market Code which will incorporate SEBI Act, Govt Sec act, Depositories Act. This year the government will incentivize one person startup companies or established ones as well. Adding to this, the Finance Minister said NCLT system would be given more importance, e-courts will be endorsed and the debt resolution would be provided by alternate mechanisms. The criminalisation of LLP Act is now decriminalised. There will be capital infusion of Rs. 20,000crore in state-owned banks for the year 2021-22. The defense budget for the Fiscal Year 2021-22 has been increased to 4.78 lakh crore which is the highest of all the years.
The measures of the Sankalp of Atma Nirbhar India, which is going to be strengthened, are following
- Health and well-being
- Inclusive Development
- Human Capital
- Research and Development
She also mentioned that the Government is already aware of its economy, and is fully geared up to support the rise of the economy and is introducing Atma Nirbhar Swastha Bharat Yojana and the expenditure of Rs. 64,180 crore. And not just this India also has 2 vaccines which are not only used to vaccinate the people of the nation only but also 100 or more nations. Rs. 2.87 lakh crore is the outlay of Jal Jeevan Mission Urban which will be launched.
Concluding her speech with the farmers issue she mentioned the Government of India has undergone few changes in the MSP regime so now the price is 1.5 times the cost of production at least. Rs. 75,060 crore is to be paid to the farmers for wheat procurement in 2020-21.