The budget session of the Parliament will commence today with President Droupadi Murmu addressing the joint sitting of the two Houses at around 11 am.
Following this, Union Finance Minister Nirmala Sitharaman will table the Economic Survey ahead of the presentation of the Union Budget on Saturday. It would be tabled in Lok Sabha at 12 noon and at 2 PM in Rajya Sabha.
The Economic Survey document, prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and formulated under the supervision of the chief economic adviser, gives insights into the state of the economy and various indicators of 2024-25 (April-March) and some outlook for the next fiscal.
A series of important bills are likely to be taken up during the session. These include the Banking Laws (Amendment) Bill, 2024, aimed at strengthening banking regulations and oversight, and the Railways (Amendment) Bill, 2024, which focuses on enhancing the operational efficiency of the Indian Railways.
Another notable proposal is the Disaster Management (Amendment) Bill, 2024, which seeks to improve disaster response mechanisms across the country.
The Waqf (Amendment) Bill, 2024 and the Mussalman Wakf (Repeal) Bill, 2024 are also likely to be presented which aimed at bringing reforms to the management of religious endowments.
Additionally, the Oilfields (Regulation and Development) Amendment Bill, 2024 will propose updates to the laws surrounding oil exploration and extraction, while the Boilers Bill, 2024 is set to introduce new safety and operational standards for boilers in industrial applications.
Among other bills likely to be introduced is the Readjustment of Representation of Scheduled Tribes in Assembly Constituencies of the State of Goa Bill, 2024, which will address the reallocation of assembly constituencies to better represent scheduled tribes in the state.
Maritime laws will see several updates, with the Bills of Lading Bill, 2024, Carriage of Goods by Sea Bill, 2024, Coastal Shipping Bill, 2024, and the Merchant Shipping Bill, 2024 all set to modernize shipping regulations.
Above all, the Finance Bill, 2025 will be central to implementing the budgetary proposals and tax reforms which will be announced by the finance minister on February 1.
Other key bills include the Protection of Interests in Aircraft Objects Bill, 2025, which will safeguard financial interests related to aviation, and the Immigration and Foreigners Bill, 2025, which will bring changes to immigration and foreigner regulations in India.
In terms of financial business, the session will see the discussion and voting on Demands for Grants for 2025-26, followed by the introduction, consideration, and passage of the related Appropriation Bill.
The Discussion and Voting on Demands for Grants for 2025-26 is an essential aspect of parliamentary procedures, allowing for the approval of government spending for the upcoming fiscal year while promoting accountability and transparency.
Demands for Grants are essentially requests made by the government to Parliament, specifying the amount of money it needs to meet its expenses for a given year.
These expenses cover a wide range of areas, such as infrastructure, healthcare, defence, education, welfare programs, and more. Each ministry or department submits its own Demands for Grants, detailing the specific amounts needed to fund its activities and programs.
Additionally, the Second and Final Batch of Supplementary Demands for Grants for 2024-25 will be reviewed, along with the introduction and passage of the relevant Appropriation Bill.
The Second and Final Batch of Supplementary Demands for Grants for 2024-25 refers to additional funds that the government seeks to allocate after the presentation of the annual budget for the fiscal year. These supplementary demands arise when there are changes in the government’s spending needs, which were not anticipated during the initial budget preparation.
The session will also address the Demands for Excess Grants for 2021-22, which will require discussion, voting, and the introduction of a related Appropriation Bill.
Demands for Excess Grants for 2021-22 refer to additional funds that the government seeks to appropriate for the financial year 2021-22 when the expenditure incurred by various ministries or departments exceeds the amount originally approved by Parliament in the budget for that fiscal year.
After the all-party meeting convened by the government on Thursday, Parliamentary Affairs Minister Kiren Rijiju said that tentatively 16 items of legislative business and three items of financial business have been identified for being taken up during this session.
The Minister of Parliamentary Affairs also stated that the Government is prepared and ready to discuss any other important issue on the floor of the Houses as per the rules of both Houses.
The legislative agenda of the government includes the Banking Laws (Amendment) Bill, 2024, the Railways (Amendment) Bill, 2024, the Disaster Management (Amendment) Bill, 2024, the Oilfields (Regulation and Development) Amendment Bill, 2024, the Boilers Bill, 2024, the Waqf (Amendment) Bill, 2024, the Coastal Shipping Bill, 2024, the Merchant Shipping Bill, 2024 and the Finance Bill, 2025.
The first part of the Budget session will continue till February 13 and the two Houses will again meet on March 10 after recess with the session concluding on April 4. (ANI)
