NEW DELHI: Union Finance Minister Nirmala Sitharaman presented the Economic Survey for 2023-24 in Parliament, just a day before the Union Budget announcement. This was the opening day of the Budget Session.
Union Ministers Nirmala Sitharaman, Jayant Chaudhary, Pankaj Chaudhary, Kirtivardhan Singh, and Sukanta Majumdar delivered the document in the Lok Sabha. The current session will feature 16 sittings across 22 days, with the primary focus on the financial matters of the upcoming Union Budget for 2024-25, which will be unveiled to the Lok Sabha on July 23.
In a pre-Budget session discussion, Finance Minister Sitharaman outlined various initiatives to improve the ease of doing business in India. "Significant progress has been made in enhancing the business environment. We have implemented around 11 key measures, with the decriminalization of 63 offenses being a major highlight. This change allows companies to operate with less compliance-related anxiety," she stated.
Additionally, a central processing system has been established to streamline processes. Sitharaman assured Parliament that appointments to the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) are being addressed urgently.
Congress MP Shashi Tharoor had previously raised concerns about insufficient staffing in bankruptcy tribunals, particularly in Southern states. In response, Sitharaman mentioned that the government is collaborating with the Supreme Court to ensure the appointment of the right members to these tribunals. She acknowledged the need for more Appellate Tribunals, noting that there is currently only one NCLAT located in Chennai.
Sitharaman also subtly challenged Tharoor’s understanding, suggesting he should differentiate between routine listings and the significant reforms undertaken by the Modi administration.
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