A glimpse of Union Budget 2021
- Two PSBs and one general insurance company to be divested, legislations amendments to be introduced in this session.
- To set up Central University in Ladakh.
- Amend the Insurance Act 1938 to increase the permissible FDI limit from 49% to 74% in insurance companies and allow foreign ownership & control with safeguards.
- Government announces multi-state co-operative for ease of doing business.
- One nation, one ration card plan under implementation in 32 states, 1 UT.
- FM Nirmala Sithraman on Social Security: Social security benefits will be extended to gig and platform workers. Minimum wages will apply to all categories of workers. Women will be allowed to work in all categories and also in night shifts with adequate protection.
- FM Sitharaman on Fiscal Deficit: Fiscal Deficit estimate for 2021-22 at 6.8% of the GDP, while Fiscal Deficit for 2020-21 has been pegged at 9.5% of the GDP.
- Definition of small companies by increasing their threshold for paid-up capital from ‘not-exceeding Rs 50 lakh’ to ‘not exceeding Rs 2cr’ & turn over from ‘not exceeding Rs 2cr to not exceeding Rs 20 cr.
- Finance Minister proposes to reduce the margin money requirement to 15% fm 25% for the scheme under Standup India.
- FM proposes to review more than 400 old exemptions in customs this year AND New Customs Duty Structure into place by Oct-1, 2021.
- Pipelines of GAIL (India) Ltd, Indian Oil Corp (IOC) and HPCL will be monetised.
