Budget 2021 LIVE Updates: FM Sitharaman Announces FDI Hike in Insurance to 74% from 49%

Today, for the first time after a challenging year for the economy in the country due to a global pandemic that led to lost business earnings and job cuts, Finance Minister Nirmala Sitharaman presented the details of the Union Budget for Financial Year 2020-’21 during her Parliament address.

The FM, during her address, announced a steep hike in the insurance sector of the Foreign Direct Investment (FDI). The jump is to 74% from 49%, which comes under safeguard with foreign control. 

For the agriculture sector, Sitharaman has set a target of Rs. 16.5 lakh crores. Also, the FM asserted – “The total impact of Atmanirbhar Bharat and measures by RBI was Rs. 27.1 lakh crores, which amounts to 30 percent of GDP.”

She, on a positive note, declared – “2021 is a year of many milestones”. The budget for FY 2020-’21 comes in view of overcoming the pandemic-stricken economy and steering the business sectors of the nation by boosting consumer confidence along with a rise in demand.

On the other hand, Congress MP Shashi Tharoor took to his Twitter handle to lambast the Budget 2020-’21. “This BJP government reminds me of the garage mechanic who told his client, ‘I couldn’t fix your brakes, so I made your horn louder. #Budget2021”, tweeted Tharoor sarcastically. 

Shiv Sena leader Priyanka Chaturvedi also criticized the budget announced by the ruling government through a tweet on her official Twitter handle – 

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