FDI limit in Insurance Companies increased to 74% in Union Budget 2021-22; allows foreign ownership and control with safeguards

• 02, Feb 2021

The Government increased the FDI limit from 49 to 74 per cent in Insurance Companies and allowed foreign ownership and control with safeguards. It has been proposed to infuse 20 thousand crore rupees to re-capitalized Public Sector Banks.  

The Government has decided to extend social security benefits to gig and platform workers for the first time. Minimum wages will apply to all categories of workers, and they will all be covered by the Employees State Insurance Corporation. Women will be allowed to work in all categories and also in night-shifts with adequate protection. At the same time, compliance burden on employers will be reduced with single registration and licensing, and online returns.

Sources : News on AIR