Finance Minister Nirmala Sitharaman on Friday proposed to amend Insurance Act, 1938 to increase FDI limit from 49% to 74% in insurance companies during Union Budget 2021. She further announced to allow foreign ownership and control with safeguards in the insurance industry.
Nirmala Sitharaman on Monday proposed a sharp rise in capital expenditure for the next fiscal to ₹5.54 lakh crore, from ₹4.39 lakh crore in the current financial year.
The central government aimed to garner ₹1.75 lakh crore through divestments in 2021-22, according to Union Budget documents. In FY21, the government had budgeted to raise ₹2.1 lakh crore through divestments but fell short.