Finance Minister Nirmala Sitharaman is presenting the Union Budget 2021-22 in Parliament.  This budget assumes great importance as it comes in the shadow of corona pandemic. FM has announced many schemes in various sectors. The S&P BSE Sensex and NSE Nifty 50 indexes extended gains as Finance Minister Nirmala Sitharaman started presenting Budget 2021.

The Sensex rose as much as 998 points and Nifty 50 index moved above its important psychological level of 13,900. The gain is led by gains in ICICI Bank, HDFC, HDFC Bank, Infosys, Reliance Industries and IndusInd Bank. Markets are likely to remain volatile during the session as they would react to the announcements in Budget. Buying was visible across sectors as eight of 11 sector gauges compiled by the National Stock Exchange were trading higher led by nearly 2 per cent gains in Nifty Private Bank and Bank indexes.

During her speech, FM  made many key announcements. She announced the set up of the bad bank to take over bad loans. Giving good news to banking sector, FM has announced setting up of bad banl to address the stressed assets in the banking system through an ARC model. This announcement is important as  banking sector is on the verge of a second wave of bad loan spike. FM also announced PM Aatmanirbhar Swasth Bharat Yojana to develop capacities of health care systems, develop institutions for detection and cure of new and emerging disease is the first step to boost rural health and keep country ready for emergency handling of pandemic situations  In order to enhance their expansion and growth of insurance sector.  The finance minister also announced to hike the FDI limit in Insurance from 49% to 74%. 

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