On January 31, 2025, President Droupadi Murmu addressed the joint session of the Lok Sabha and Rajya Sabha to inaugurate the Budget Session 2025. Key highlights included a commitment to the Gaganyaan mission for manned space exploration, an expansion of the Ayushman Bharat healthcare scheme for six crore senior citizens, and plans to provide homes for three crore families under the Pradhan Mantri Awas Yojana (PMAY).

The President also emphasised the importance of digital payment systems like UPI and outlined India’s ambitions for global economic leadership. Following her address, Finance Minister Nirmala Sitharaman presented the Economic Survey, projecting GDP growth between 6.3% and 6.8% for FY26. The government has proposed 16 bills for discussion, including significant reforms in immigration and banking laws. Opposition parties are preparing to raise concerns about recent tragedies and proposed regulations affecting education.

Overall, the session aims to address pressing socio-economic challenges while fostering inclusive growth and development. The Budget Session 2025 of the Indian Parliament commenced today, January 31, with President Droupadi Murmu delivering a pivotal address that set the tone for the upcoming discussions and legislative actions. This session is crucial as it outlines the government’s fiscal strategy and economic priorities for the coming year.

President Murmu’s Address: Key Highlights

1. Gaganyaan Mission

President Murmu emphasised India’s ambitious Gaganyaan mission, which aims to send Indian astronauts into space. This programme is a testament to India’s growing prowess in space technology and exploration, positioning the nation as a formidable player in global space endeavours. The Gaganyaan mission not only signifies national pride but also reflects India’s aspirations to contribute to international space research and cooperation.

2. Expansion of Ayushman Bharat

The President announced significant enhancements to the Ayushman Bharat scheme, targeting an additional six crore senior citizens aged seventy and above. This initiative aims to improve healthcare access and affordability for vulnerable populations, particularly in light of rising lifestyle diseases. The expansion is expected to bolster preventive healthcare measures and reduce the financial burden on families seeking medical care.

3. Pradhan Mantri Awas Yojana (PMAY)

A notable commitment was made towards expanding the Pradhan Mantri Awas Yojana, aiming to provide homes for three crore families. This initiative underscores the government’s dedication to ensuring housing for all, especially marginalised communities. By addressing housing shortages, PMAY plays a crucial role in enhancing living conditions and fostering community development.

4. Digital Payment Systems: UPI

The address highlighted the continued promotion of digital payment systems, particularly the Unified Payments Interface (UPI), which has transformed financial transactions in India. The government plans to enhance this system further to promote financial inclusion and stimulate economic growth through digital innovation. UPI’s success has positioned India as a leader in digital payments globally.

5. India’s Global Economic Ambitions

Murmu articulated a vision for India’s rise on the global stage, focusing on fostering partnerships across sectors such as technology and trade. The government aims to enhance India’s presence in global supply chains and attract foreign investments through favourable policies. This strategic positioning is essential for India’s goal of becoming a developed nation by 2047.

Economic Survey Insights

Following President Murmu’s address, Finance Minister Nirmala Sitharaman presented the Economic Survey 2024-25, which provides an official assessment of India’s economic performance over the past fiscal year. The survey projects GDP growth between 6.3% and 6.8% for FY26 and outlines key challenges facing the economy while offering a roadmap for reforms.

Key Expectations from Budget 2025

The upcoming Union Budget, scheduled for February 1, is anticipated to focus on several critical areas:

• Tax Reforms: There are expectations for revisions in income tax slabs aimed at increasing disposable income and encouraging spending among middle-class citizens.
• Infrastructure Investment: Significant capital expenditure is expected, particularly in roadways and Indian Railways development, which are vital for economic growth and job creation.
• Support for MSMEs: Policy measures aimed at strengthening small businesses and enhancing rural credit access are anticipated to support economic stability.
• Sustainability Initiatives: While specific sustainability measures were not detailed in the President’s address, there is ongoing discourse about integrating climate change considerations into budget proposals.

Legislative Agenda

The government has listed 16 bills for discussion during this session, including significant proposals such as:

• Waqf (Amendment) Bill
• Banking Laws (Amendment) Bill
• Immigration and Foreigners Bill
• Disaster Management (Amendment) Bill, aimed at improving disaster response mechanisms across the country
• Oilfields (Regulation and Development) Amendment Bill, proposing updates to oil exploration laws

These legislative changes are expected to have wide-ranging implications across various sectors.

Political Climate and Opposition Response

The Budget Session is expected to be contentious, with opposition parties indicating plans to raise issues such as the recent Maha Kumbh stampede that resulted in multiple fatalities. Additionally, discussions surrounding controversial regulations proposed by the University Grants Commission (UGC) are likely to dominate debates.