Budget session to kick off today with key economic insights, legislative proposals

The budget session of Parliament will begin today, featuring a significant address from President Droupadi Murmu at approximately 11 am. This opening marks the start of critical discussions surrounding India's economic future. 

Following the President's address, Union Finance Minister Nirmala Sitharaman will present the Economic Survey at noon in the Lok Sabha and at 2 pm in the Rajya Sabha. This document, crafted by the Economic Division of the Ministry of Finance, offers insights into economic indicators for the fiscal year 2024-25 and projections for the following year.

A range of important bills will be introduced during this session. Key among them is the Banking Laws (Amendment) Bill, 2024, designed to enhance banking regulations, and the Railways (Amendment) Bill, 2024, which aims to improve operational efficiency within Indian Railways. Further, the Disaster Management (Amendment) Bill, 2024 seeks to bolster disaster response capabilities nationwide.

Other legislative proposals include the Waqf (Amendment) Bill, 2024, and the Mussalman Wakf (Repeal) Bill, 2024, both aimed at reforming religious endowment management. The Oilfields (Regulation and Development) Amendment Bill, 2024 will address oil exploration laws, while the Boilers Bill, 2024 introduces new safety standards for industrial boilers.

The session will also consider maritime legislation with several bills aimed at modernizing shipping regulations: the Bills of Lading Bill, 2024, Carriage of Goods by Sea Bill, 2024, Coastal Shipping Bill, 2024, and the Merchant Shipping Bill, 2024. The pivotal Finance Bill, 2025, will be central to implementing budgetary proposals and tax reforms announced by Sitharaman on February 1.

Financial discussions during this session will include voting on Demands for Grants for 2025-26 and related Appropriation Bills. These discussions are crucial as they allow Parliament to approve government spending across various sectors such as infrastructure, healthcare, education, and defence.

The session is set to run until February 13 before a recess and will reconvene on March 10 to finalise budget discussions. Parliamentary Affairs Minister Kiren Rijiju indicated that around 16 legislative items and three financial matters have been earmarked for consideration during this period.