Budget 2025: Insurance FDI Hiked From 74% To 100%, Says Finance Minister
Union Finance Minister Nirmala Sitharaman presented the Budget for the fiscal year 2025-26 in the parliament today.
The government has increased the Foreign Direct Investment (FDI) limit in the insurance sector from 74 per cent to 100 per cent, said Union Finance Minister Nirmala Sitharaman while presenting the Budget for the fiscal year 2025-26 on Saturday.
Speaking on the financial sector, Sitharamn said that India Post Payments Bank will enhance and expand its services, focusing on rural areas to better serve local communities.”The National Bank for Financing Infrastructure and Development (NaBFID) will set up a ‘Partial Credit Enhancement Facility’ for corporate bonds for infrastructure,” She said.
Shitharaman also said that the Public Sector Banks will develop a ‘Grameen Credit Score’ framework to meet the credit requirements of Self-Help Group (SHG) members and rural populations. A new forum for regulatory coordination and development of pension products will be established to strengthen the pension sector.
During her Budget speech, Sitharaman said, “Our economy is the fastest-growing among all major global economies. Our development track record of the past 10 years and structural reforms have drawn global attention. Confidence in India’s capability and potential has only grown in this period. We see the next five years as a unique opportunity to realize ‘Sabka Vikas’, stimulating balanced growth of all regions.”
The government's focus is to march towards ‘Viksit Bharat’ by creating a society free of poverty, where every individual has access to quality education, with 100 per cent of students receiving good schooling. Healthcare will be high-quality, affordable, and comprehensive for all. The workforce will be fully skilled, with meaningful employment opportunities available to everyone. Women will make up 70 per cent of the economic workforce, contributing significantly to the economy. Farmers will play a key role in making the country the ‘food basket of the world,’ ensuring food security and global supply.
This year’s Budget outlines a comprehensive set of development measures across ten key areas, with a focus on supporting the poor, youth, farmers, and women. These measures aim to support agricultural growth and productivity, build rural prosperity and resilience, and promote inclusive growth for all. Key initiatives include boosting manufacturing and advancing the Make in India initiative, supporting MSMEs, and enabling employment-driven development. The Budget also stress investment in people, the economy, and innovation, securing energy supplies, promoting exports, and fostering a culture of innovation.
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