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FM outlines ambitious financial sector vision in Budget 2024-25

Finance Minister Nirmala Sitharaman has unveiled a series of capital and entrepreneurship-related reforms in Budget 2024-25 aimed at promoting sustainable and inclusive growth.

Vision document: A cornerstone of the budget is the announcement of a financial sector vision and strategy document. This document will prepare the sector in terms of size, capacity and skills. This will set the agenda for the next five years and guide the work of the government, regulators, financial institutions and market participants.

Climate finance:  The government will develop a taxonomy for climate finance to enhance the availability of capital for climate adaptation and mitigation. This will support the achievement of the country’s climate commitments and green transition.

FDI and overseas investments: The rules and regulations for foreign direct investment and overseas investments will be simplified to facilitate FDIs, nudge prioritization, and promote opportunities for using Indian Rupee as a currency for overseas investments.

NPS-Vatsalya: A new initiative, NPS-Vatsalya, will allow parents and guardians to contribute to a pension plan for minors. Upon reaching the age of majority, these accounts can be seamlessly converted into regular NPS accounts.

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