The monsoon session of Parliament began on Monday amid protests by the opposition on issues like inflation. The session is packed with a hectic legislative agenda, but several controversial issues are expected to remain in the limelight. Mint takes a look at what to expect.
What are the key issues expected to come up?
The monsoon season is short, lasting about four weeks and comes at a time when the country is out of the pandemic, but there are tough economic challenges including price rice, high energy costs, a weak rupee, foreign portfolio investment outflows and a possible slowdown. is facing. India’s threat of economic reforms in America. Opposition parties have already raised concerns over inflation and demanded scrapping of the Agneepath recruitment scheme for the armed forces. The election of the new President and Vice President is also being held in the current session of Parliament.
What is legislative work on the agenda?
Around 30 bills including pending ones can come up for discussion. The Lok Sabha Secretariat on Friday listed four bills already examined by the parliamentary panel and 24 new bills for introduction in the current session. These include bills on the welfare of senior citizens; to amend the Scheduled Castes and Tribes in certain States; and for investor protection in multi-state cooperatives. Some of the bills are to redraw economic rules for bankruptcy resolution, competition regulation, special economic zones, energy conservation, mining, and the accelerated grant of Geographical Indication status.
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What changes are likely to be made in the Bankruptcy Code?
An amendment bill seeks to introduce provisions on cross-border insolvency, and other changes to enable quicker enforcement of rescue of stressed assets so that delays do not reduce their value. It will allow foreign lenders to allow Indian businesses to participate in bankruptcy proceedings in local courts, besides making it easier for domestic lenders to recover foreign assets of defaulters.
What are the potential changes for mining?
The amendment to the Mines and Minerals (Development and Regulation) Act is expected to attract more investments and help the country 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 nuclear minerals, which would allow the government to auction mining blocks to the private sector. This will allow states to grant composite licenses without the approval of the Centre.
How will the regulation of SEZs change?
Meeting net foreign exchange earner status has long been a challenge for many units in special economic zones. The Development of Enterprises and Services Hubs (DESH) Bill, 2022 seeks to completely replace the SEZ law. The proposed growth centers would no longer be required to be net foreign exchange positive as before, and would be allowed to sell more easily in the domestic tariff area. The DESH law also provides for an online single window portal for providing time bound approvals for setting up the Hub.
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