New Delhi: Union Finance Minister Nirmala Sitharaman today presented the Union Budget 2025-26. This is the second Budget by the BJP-led NDA government since it was re-elected last year. Finance Minister Nirmala Sitharaman became the first finance minister in India’s history to deliver eight consecutive budgets. She surpassed the record previously held by Morarji Desai, who presented six consecutive budgets between 1959 and 1963.
According to Article 112 of the Constitution, the government is required to present a statement of estimated income and expenses for each financial year, which runs from April 1 to March 31, to the Parliament.
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Finance Minister Nirmala Sitharaman raised FDI limits for insurance for insurance sector from 74 per cent to 100 per cent, though with certain restrictions.
‘The FDI limit for the insurance sector will be raised from 74 to 100 per cent. This enhanced limit will be available for those companies which invest the entire premium in India. The current guardrails and conditionalities associated with foreign investment will be reviewed and simplified,’ she said in budget speech.
The central government had in November floated a few proposals for the insurance sector, including raising the FDI limit in Indian insurance companies from 74 per cent to 100 per cent, and enabling an insurer to carry on one or more classes of insurance business and activities.
The government had invited comments on the proposed amendments to the Insurance Act, 1938, the Life Insurance Corporation Act, 1956, and Insurance Regulatory and Development Authority Act, 1999. Insurance sector regulator Insurance Regulatory and Development Authority (IRDAI) has committed to achieving “Insurance for All” by 2047.