The Budget Session began yesterday and is scheduled to meet till 13 May, 2016.
Parliament will break for recess from 17 March to 24 April during which Standing Committees will examine the Demand for Grants of various ministries. There will be a total of 31 sittings.
The legislative agenda includes 12 Bills for consideration and passing. Four Bills including the Finance Bill, 2016 are listed for introduction, consideration and passing. The government plans to introduce two new Bills. Two Bills will be withdrawn.
The complete list can be found in our Session Alert document here.
The President of India addressed members from both houses in a joint sitting. In his address, he outlined the major policy priorities of the government across different sectors.
Some key highlights from the President’s Speech are given below:
Increase in GDP growth has made India the world’s fastest growing economy among large economies. Inflation, fiscal deficit and current account deficit have decreased. The country recorded the highest ever foreign exchange reserves in 2015.
Financial inclusion: Under Pradhan Mantri Jan Dhan Yojana, out of 21 crore accounts opened, 15 crore accounts are operational with an aggregate deposit of over Rs 32,000 crore. The proposed Postal Payment Bank of India will further boost financial inclusion. To universalise social security, three new insurance and pension schemes have been launched, namely: (i) Pradhan Mantri Suraksha Bima Yojana, (ii) Pradhan Mantri Jeevan Jyoti Bima Yojana, and (iii) Atal Pension Yojana.
Agriculture: Pradhan Mantri Fasal Bima Yojana has been launched for crop insurance with lowest ever premium rates for farmers. Under Paramparagat Krishi Vikas Yojana, 8,000 clusters have been developed to promote organic farming. Soil Health Cards will be distributed to all 14 crore farm-holdings by March 2017.
Aviation: A Civil Aviation Policy is being formulated to improve connectivity to small cities.
For better understanding of the government’s achievements and policy developments,you can also take a look at our detailed analysis on promises made in the 2015 Address and their current status.
The complete document of highlights is attached: Download PDF.