New Delhi, Feb. 1 -- Union Finance Minister Nirmala Sitharaman has said that the Union Budget's proposal to increase the FDI limit in the insurance sector from 74 to 100 per cent will attract more funds and safeguards will ensure all premiums collected in India are reinvested locally.

In an interview with DD News, the Finance Minister explained the rationale behind tax relief in the Union Budget, noting that the priority is returning money to the taxpayers who are the backbone of the economy.

The Minister said that with the guidance of Prime Minister Narendra Modi, the goal is to give relief to those who contribute to the country's growth, including MSMEs, to further empower them.

She said while the exemption applies up to Rs 12 lakh, ...