The Union Budget Session for the fiscal year 2025-26 kicked off today with President Droupadi Murmu addressing a joint sitting of both Houses of Parliament at 11 am. The session, which marks the beginning of a crucial legislative period, will see the presentation of the Economic Survey by Union Finance Minister Nirmala Sitharaman at 12 noon in the Lok Sabha, followed by its tabling in the Rajya Sabha at 2 pm.
The Economic Survey, prepared by the Economic Division of the Department of Economic Affairs under the guidance of the Chief Economic Adviser, provides a comprehensive overview of the Indian economy’s performance in 2024-25. It also offers insights into key economic indicators and outlines the outlook for the upcoming fiscal year. The document serves as a precursor to the Union Budget, which will be presented by Sitharaman on February 3, 2025.
Key Legislative Agenda
The Budget Session is expected to be a busy one, with the government planning to introduce and discuss several important bills. Among the highlights are:
- Banking Laws (Amendment) Bill, 2024: Aimed at strengthening banking regulations and oversight mechanisms.
- Railways (Amendment) Bill, 2024: Focused on enhancing the operational efficiency of Indian Railways.
- Disaster Management (Amendment) Bill, 2024: Designed to improve disaster response and management systems across the country.
- Waqf (Amendment) Bill, 2024 and Mussalman Wakf (Repeal) Bill, 2024: These bills seek to reform the management of religious endowments.
- Oilfields (Regulation and Development) Amendment Bill, 2024: Proposes updates to laws governing oil exploration and extraction.
- Boilers Bill, 2024: Introduces new safety and operational standards for industrial boilers.
- Readjustment of Representation of Scheduled Tribes in Assembly Constituencies of Goa Bill, 2024: Addresses the reallocation of assembly constituencies to better represent Scheduled Tribes in Goa.
- Maritime Bills: A series of bills, including the Bills of Lading Bill, 2024, Carriage of Goods by Sea Bill, 2024, Coastal Shipping Bill, 2024, and Merchant Shipping Bill, 2024, aim to modernize shipping regulations.
- Finance Bill, 2025: Central to implementing budgetary proposals and tax reforms announced by the Finance Minister.
Financial Business
The session will also focus on critical financial matters, including:
- Discussion and Voting on Demands for Grants for 2025-26: This process allows Parliament to approve government spending for the upcoming fiscal year, ensuring accountability and transparency.
- Supplementary Demands for Grants for 2024-25: Additional funds sought by the government for unforeseen expenditures during the current fiscal year.
- Excess Grants for 2021-22: Addresses expenditures that exceeded the originally approved budget for the 2021-22 fiscal year.
Government’s Legislative Priorities
Following an all-party meeting on Thursday, Parliamentary Affairs Minister Kiren Rijiju announced that 16 legislative items and three financial items have been identified for discussion during the session. The government has also expressed its readiness to discuss any other important issues as per parliamentary rules.
Session Schedule
The first part of the Budget Session will run until February 13, followed by a recess. The Houses will reconvene on March 10 and conclude the session on April 4.