News Analysis India

Tag: BUdget 2022

  • Naidu, Birla discuss Covid-safe Budget Session

    By PTI

    NEW DELHI: Rajya Sabha Chairman M Venkaiah Naidu and Lok Sabha Speaker Om Birla on Sunday discussed preparations for the Budget session of Parliament amid the surge in coronavirus cases.

    The session begins Monday with the address of President Ram Nath Kovind to members of both the Houses.

    During the meet, Birla suggested that members of both the Houses can be seated at different locations by name to avoid confusion, crowding, and inquiries. Naidu accepted the suggestion, parliamentary sources said.

    Due to Covid norms, the two Houses are meeting at different times. Members of the two Houses will be accommodated in chambers of Lok Sabha and Rajya Sabha as well as galleries to prevent crowding.

    To implement the sitting arrangement by name, parties have been approached to draw up a list of members who would be accommodated in various locations. Seats were allotted in chambers and galleries of both the Houses based on the strength of parties.

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    Given the reduction in the time of sitting of both the Houses by one hour per sitting due to staggered timings, Naidu and Birla took stock of the time available for different items of business. They underscored the need for cooperation from all sections of both the Houses for effective utilisation of available time.

    While Rajya Sabha would meet from 10 am to 3 pm, the Lok Sabha would sit from 4 pm to 9 pm. Officials informed the two presiding officers that the Parliament House complex has been sanitised and all possible measures are being taken to contain the spread of coronavirus.

    They were told that all MPs have been requested to take RT-PCR test 48 before the commencement of the Session. Part one of the session would end on February 11. The second part would begin on March 14 and conclude on April 8.

  • Opposition to raise farmers’ issues, Pegasus matter in Budget Session of Parliament

    By PTI

    NEW DELHI: The stage is set for a stormy Budget Session of Parliament that begins on Monday with the opposition set to target the Modi government on issues such as the Pegasus snooping row, farm distress and Chinese “incursions” in eastern Ladakh.

    The session will begin with President Ram Nath Kovind’s address to the Lok Sabha and Rajya Sabha assembled together in the Central Hall and chambers of both the Houses in view of the COVID-19 situation.

    Finance Minister Nirmala Sitharaman will present the Economic Survey 2021-22 on Monday and the Union Budget on Tuesday.

    Given the ongoing third wave of the pandemic, the Lok Sabha and Rajya Sabha will return to have separate sittings in shifts with members seated across both chambers of Parliament to ensure distancing norms.

    The Lok Sabha will take up the discussion on the Motion of Thanks on the President’s Address from Wednesday and Prime Minister Narendra Modi is expected to reply to the debate on February seven.

    Lok Sabha secretariat officials said four days beginning February 2 have been provisionally allotted for the discussion on the Motion of Thanks on the President’s Address.

    The first part of the Budget Session will be held from January 31 to February 11 after which it will go into recess to examine the budgetary allocations for different departments.

    The Session would resume on March 14 and conclude on April 8.

    The Budget Session is taking place amid a heated election campaign in five states – Uttar Pradesh, Uttarakhand, Punjab, Goa, and Manipur – which go to polls in seven phases from February 10 to March 7.

    The main opposition Congress has declared that it will reach out to like-minded parties to raise issues such as farm distress, Chinese “incursions”, demand for relief package for COVID-19 victims, sale of Air India and the Pegasus snooping row during the session.

    Parliamentary Affairs Minister Pralhad Joshi and Rajya Sabha Chairman M Venkaiah Naidu are set to chair separate meetings with floor leaders of political parties on Monday to ensure smooth functioning of the House during the session.

  • Finance Ministry to nix tax exemptions to rationalise rate

    Express News Service

    NEW DELHI:  The Union finance ministry, which has started work on Budget 2022-23 and is reviewing both personal and corporate tax exemptions, has hinted that it might roll back some concessions for industry. The ministry is currently assessing both the economic costs and benefits of schemes before taking a call on what to keep and what to nix, sources said. 

    A senior official told this paper that this is in line with the government’s policy to broaden the tax base by reducing rates and letting go of exemptions. “Some exemptions were withdrawn in the last Budget and the review process is on for the rest. A few tax breaks that will expire soon won’t be renewed,” the official added. 

    While he declined to name any scheme, it is learnt that the capital gains tax exemption for investing in startups, which expires in March 2022, may not be renewed. Ditto with the basic customs duty and IGST exemptions for export-oriented units. 

    In its letter seeking suggestions for the upcoming Budget, the ministry urged industrialists to back their recommendations with economic justification. “It would not be feasible to examine suggestions that are either not clearly explained or supported by justification…” the letter read.