Parliament Diary

The Finance Minister presented the Union Budget for 2021-22 in Parliament today. In her speech, the Finance Minister stated the government's intention to bring in several new laws.  

Stating that a professionally-managed Development Financial Institution is necessary to act as a provider, enabler, and catalyst for infrastructure financing, the Minister said that a Bill to set up a DFI will be introduced. The DFI is expected to have a lending portfolio of at least Rs 5 lakh crore in three years’ time. This bill is listed for introduction in the Budget Session. 

The government also intends to introduce a Securities Markets Code to consolidate four Acts including the SEBI Act, 1992 and the Government Securities Act, 2007.

Other proposals: 

• A bill to implement the Higher Education Commission of India has been proposed. It will be an umbrella body having four separate vehicles for standard-setting, accreditation, regulation, and funding.
   
• The National Nursing and Midwifery Commission Bill to regulate the nursing profession is also proposed. A similar bill to regulate 56 allied healthcare professions is on the legislative agenda this session. 
   
• A voluntary vehicle scrapping policy to phase out old and unfit vehicles has also been announced.