The Hon’ble Prime Minister Shri Narendra Modi will address the webinar on effective implementation of the Union Budget provisions in the Financial sector on 26th February 2021.
The key announcements in the Union Budget related to Financial Sector are as follows and we seek ideas and suggestions from the public and other stakeholders on the same:
• Fiscal deficit stands at 9.5% of the GDP; estimated to be 6.8% in 2021-22
• Proposal to allow States to raise borrowings up to 4% of GSDP this year
• A Unified Securities Market Code to be created, consolidating provisions of the Sebi Act, Depositories Act, and two other laws
• Proposal to increase FDI limit from 49% to 74%
• An asset reconstruction company will be set up to take over stressed loans
• Deposit insurance increased from Rs 1 lakh to Rs 5 lakh for bank depositors
• Proposal to decriminalise Limited Liability Partnership Act of 2008
• Two PSU bank and one general insurance firm to be disinvested this year
• An IPO of LIC to debut this fiscal
• Strategic sale of BPCL, IDBI Bank, Air India to be completed
Last date of submission will be 31st March 2021
