New Delhi [India]: Prime Minister Narendra Modi and Lok Sabha Speaker Om Birla have arrived at Parliament as the Budget session officially begins today. Several Union ministers, including Home Minister Amit Shah, are also present.
The session kicks off with President Droupadi Murmu addressing a joint sitting of both Houses at around 11 AM. Following this, Union Finance Minister Nirmala Sitharaman will present the Economic Survey ahead of the Union Budget announcement on Saturday. The Economic Survey will be tabled in the Lok Sabha at 12 noon and in the Rajya Sabha at 2 PM.
Key Highlights of the Budget Session
The Economic Survey, prepared under the supervision of the chief economic adviser, offers insights into the state of the economy for 2024-25 (April-March) and provides an outlook for the next fiscal year.
Several important bills are expected to be taken up during this session, including:
- Banking Laws (Amendment) Bill, 2024 – Strengthening banking regulations and oversight.
- Railways (Amendment) Bill, 2024 – Enhancing the operational efficiency of Indian Railways.
- Disaster Management (Amendment) Bill, 2024 – Improving disaster response mechanisms nationwide.
- Waqf (Amendment) Bill, 2024 & Mussalman Wakf (Repeal) Bill, 2024 – Reforming the management of religious endowments.
- Oilfields (Regulation and Development) Amendment Bill, 2024 – Updating laws on oil exploration and extraction.
- Boilers Bill, 2024 – Introducing new safety and operational standards for industrial boilers.
- Readjustment of Representation of Scheduled Tribes in Assembly Constituencies of Goa Bill, 2024 – Addressing reallocation of assembly constituencies for better representation of Scheduled Tribes.
Updates in Maritime Laws
The session will also see updates in maritime legislation with the introduction of:
- Bills of Lading Bill, 2024
- Carriage of Goods by Sea Bill, 2024
- Coastal Shipping Bill, 2024
- Merchant Shipping Bill, 2024
Focus on Financial and Economic Matters
At the center of the session is the Finance Bill, 2025, which will implement the budgetary proposals and tax reforms announced on February 1. Other important financial discussions include:
- Demands for Grants for 2025-26 – Reviewing government spending for the upcoming fiscal year.
- Second and Final Batch of Supplementary Demands for Grants for 2024-25 – Addressing additional funding requirements.
- Demands for Excess Grants for 2021-22 – Discussing expenditures exceeding originally approved amounts.
Following an all-party meeting, Parliamentary Affairs Minister Kiren Rijiju stated, “Tentatively, 16 legislative items and three financial items have been identified for discussion during this session.” He also assured that the government is prepared to discuss any other important issue as per parliamentary procedures.
Session Schedule
The first part of the Budget session will continue until February 13. After a recess, the Houses will reconvene on March 10, with the session concluding on April 4.