Foreign Investment in Insurance Sector up by 74%
Posted on: 01/Feb/2021 1:38:32 PM
Foreign Investment in Insurance Sector up by 74%!
The Central Minister for Finance, Nirmala Seetharaman presented the budget proposal for the financial year 2021-22 in the parliament today (Monday, 1st February).
The salient points informed by the Central Finance Minister during this presentation of budget 2020-21:
Foreign Investment extent in the Insurance Sector is raised to 74 with clearly defined regulations/restrictions!
· “The Companies Act 2013 is being revised to benefit the small/micro/mini/medium industry sector as well.
· A new set-up is being formed to facilitate the investors in financial institutions to be aware of their rights and to redress their complaints.
· Additional importance is being given to certain aspects of the developing computer technology in the sectors of data analytics, Artificial Intelligence (AI) and machine-learning.
· 2 Public Sector Banks and 1 Insurance Company are to be changed to the private sector.
· After the revision of the various Acts, shares of Life Insurance Corporation (LIC) are to be announced.
· The State Governments are authorised to review regarding selling the shares of the Public Sector Organisations with them.
· An exclusive agency is being set up to identify non-earning properties under the government and make them to be revenue-earning propositions.”
