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Home / Politics / News /  The business agenda at the monsoon session of Parliament

The monsoon session of Parliament began on Monday amid opposition protests on issues like inflation. The session is packed with a hectic legislative agenda, but many controversial issues are expected to remain in spotlight. Mint takes a look at what to expect.

What key issues are expected to come up?

The monsoon session is a short one, lasting around four weeks and comes at a time the country is out of the pandemic but is facing stiff economic challenges including price rice, high energy costs, weakening rupee, outflow of foreign portfolio investments and a possible recession in the US threatening India’s economic recovery. Opposition parties have already flagged concern over inflation and have demanded scrapping of the Agnipath recruitment scheme for the armed forces. Election of the new President and Vice President is also taking place in the current session of Parliament.

What is the legislative work on agenda?

Around 30 bills could come up for discussion including pending ones. Lok Sabha secretariat had on Friday listed four bills already examined by Parliamentary panels and 24 new bills for tabling in the current session. These include bills on senior citizens’ welfare; for revising scheduled castes and tribes in some of the states; and for investor protection in multi-state cooperative societies. Some of the bills are meant to recast economic regulations in bankruptcy resolution, competition regulation, special economic zones, energy conservation, mining, and for quick grant of geographical indication status.

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What are the changes likely in bankruptcy code?

An amendment bill seeks to introduce provisions on cross-border insolvency, and other changes for quickly executing rescue of stressed assets so that delays do not erode their value. It will allow overseas lenders to Indian businesses to attend bankruptcy action in local courts, besides making it easier for domestic lenders to recover overseas assets of defaulters.

What are the likely changes for mining?

Amendments to the Mines and Minerals (Development and Regulation) Act is expected to help in attracting more investments and help the country to achieve self-reliance in several minerals. The bill, once passed, is expected to remove lithium-bearing minerals, a key raw material for batteries, from the restricted list of atomic minerals, which will allow the government to auction mining blocks to the private sector. It will allow states to grant composite licences without approval from the Centre.

How will regulation of SEZs change?

Meeting the net foreign exchange earner status has been a challenge for many units in special economic zones, for long. The Development of Enterprises and Services Hubs (DESH) Bill, 2022 seeks a complete overhaul of the SEZ legislation. The proposed development hubs will no longer be required to be net foreign exchange positive as earlier, and will be allowed to sell in the domestic tariff area more easily. The DESH legislation also provides for an online single window portal for grant of time-bound approvals to set up hubs.

 

 

 

 

 

 

 

 

 

 

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