The Budget session of Parliament is set to begin today, with President Droupadi Murmu addressing a joint sitting of both Houses around 11 AM. Following her address, Union Finance Minister Ni
The Budget session of Parliament is set to begin today, with President Droupadi Murmu addressing a joint sitting of both Houses around 11 AM. Following her address, Union Finance Minister Nirmala Sitharaman will present the Economic Survey ahead of the Union Budget, which is scheduled for Saturday. The survey will be tabled in the Lok Sabha at 12 noon and in the Rajya Sabha at 2 PM.
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.
Several key bills are expected to be taken up during the session, including the Banking Laws (Amendment) Bill, 2024, designed to reinforce banking regulations and oversight, and the Railways (Amendment) Bill, 2024, which aims to improve the operational efficiency of Indian Railways.
Another significant proposal is the Disaster Management (Amendment) Bill, 2024, which aims to enhance disaster response mechanisms nationwide. Additionally, the Waqf (Amendment) Bill, 2024, and the Mussalman Wakf (Repeal) Bill, 2024 are expected to be introduced, focusing on reforms in the management of religious endowments.
According to the news agency ANI report, 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.
The Union Budget is a vital financial document detailing the government’s revenues and spending plans for the coming fiscal year. It plays an important part in directing the country’s economy and tackling major challenges. The Union Budget is a key tool for economic management and policy-making.
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, 2025.
Furthermore, 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 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, 2025. 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.
