Budget 2021: Insurance investments get a boost with FDI limit hiked to 74%
This will be after the Insurance Laws (Amendment) Act is amended in the Parliament. February 01, 2021 / 04:09 PM IST
Finance minister Nirmala Sitharaman said in her Union Budget 2021 speech that the foreign direct investment limit in the insurance sector will be hiked to 74 percent from 49 percent.
This will be after the Insurance Laws (Amendment) Act 2015 and Insurance Act 1938 are amended in the Parliament. When the insurance sector was privatised in 2000, the FDI limit was fixed at 26 percent, which was then raised to 49 percent in 2015.
She said that the majority of the directors in the board of these insurance companies will have to be resident Indians. This means that Indian management control will be retained in these companies.
Budget 2021: 3 pre-budget expectations from the EdTech sector
Budget 2021: 3 pre-budget expectations from the EdTech sector
EdTech entrepreneurs, from the Union Budget 2021, are expecting the government to allocate funds to finance the sector and further drive their growth.
advertisement
Budget 2021: 3 pre-budget expectations from the EdTech sector
HIGHLIGHTS
In 2021, the education sector will evolve further in terms of technological innovations and newer teaching methodologies.
The pandemic has changed the way education was perceived and has spiked the education industry s digital transformation.
In addition to schools and universities, working professionals and higher education students have also turned to EdTech for vocational education.
In 2020, the education industry went through a drastic transformation. The nationwide lockdown due to the pandemic affected several industries, including the education sector. During this period of uncertainty, educational institutions to
Budget 2021: Life insurers seek separate tax carve-out for products to boost penetration
The industry feels this will allow policyholders to diversify their investments into various life insurance products to meet their financial goals while availing of tax benefits. Currently, life insurance premium is eligible for tax exemption under Section 80C, which has a limit of Rs 1.5 lakh annually, but also clubs other investment options such as PPF, EPF, and NSC, among others. January 26, 2021 / 10:56 AM IST
The insurance industry is seeking tax incentives from the government in Budget 2021 to make products more attractive for customers. Union Budget 2021 will be presented on February 1 by Finance Minister Nirmala Sitharaman.
Updated Jan 22, 2021 | 15:10 IST
The government has to make huge investments at a time when there is already pressure on revenue collection. So any relaxation on income tax front is unlikely. Representational image
New Delhi: Finance Minister Nirmala Sitharaman will present the Union Budget for financial year 2021-22 on February 1.The upcoming Budget is going to be the most difficult one for the FM Sitharaman as she needs to come out with plans to revive the pandemic-hit economy, which is expected to contract 7.7% in the current financial year.
While the governmenr is expected to increase allocation towards public spending and infrastructure it also needs to fund schemes like Atmanirbhar Bharat Abhiyan and Production-Linked Incentive (PLI), which were announced last year as part of its plan to boost the domestic manufacturing sector and reduce dependence on imports.
UPDATED: February 1, 2021 07:52 IST
Union Budget 2021: Expectations from the government are high this year as it is expected to boost spending aimed at economic recovery. (Photo: Reuters/Representational image)
The Union Budget 2021 will be presented by Finance Minister Nirmala Sitharaman on February 1, 2021. As she gets ready to announce the all-important budget, there are huge expectations as the country hopes to recover from the pandemic-induced economic shock.
While indicators show that some sectors of growth are recovering quickly, others have not been lucky. Small and medium-sized businesses across many sectors are still struggling financially, resulting in a lack of job creation.
Sectors like automobile and real estate have asked the government to provide more tax breaks to citizens and increase their disposable income. The country’s healthcare sector also has high hopes from the budget in the wake of the Covid-19 pandemic. Meanwhile, citizens are hoping for some tax con