Multiple growth-focused bills passed in Parliamentary Budget Sessions 2021

The Budget Session which culminated in March saw the passing of 18 bills and the presentation of several other bills in the Lok Sabha and Rajya Sabha

March 25, 2021

The Key amendments aimed at enhancing the Financial landscape include the LIC Act, the Insurance Bill, the Finance Bill, and the Equalization Levy.

The healthcare amendments included provisions for making safe abortions accessible to women in need and improving the education and R&D ecosystem.

Bills were introduced to empower the Dalit communities in Tamil Nadu and improve the centre’s relations with New Delhi.

Ports, the mining sector and the insurance space are to be made more competitive, self-reliant and ready for growth.

Following the Union Budget for FY 2021-22, the parliamentary budget session which commenced on February 29 facilitated the passing of 18 bills in the Lok Sabha and Rajya Sabha combined. The session also featured the announcement of grants and financial allocations for Departments and Ministries. The key announcements of the session included the amendments to the LIC Act, the Insurance Bill, the Finance Bill, and the Equalization Levy. 

The following are a few important Bills passed: 

  • The National Commission for Allied and Healthcare Professions Bill, 2021 – The Bill will look to strengthen R&D and standards of medical education, regulate systemic standards, and promote technology adoption within the sector at large. 
  • The Medical Termination of Pregnancy (Amendment) Bill, 2021 – The Bill will look to empower women in need to access safe and quality reproductive healthcare services. It also increases the upper gestational limit for abortion. 
  • The Insurance (Amendment) Bill, 2021 – The Bill will look into increase the sectoral FDI cap to 74% and promote competition within the sector. 
  • The Mines and Minerals (Developments and Regulation) Amendment Bill, 2021  – The Bill will look to prepare the sector for greater growth. 
  • The National Bank for Financing Infrastructure and Development Bill, 2021 – The Bill will look to establish the National Bank for Financing Infrastructure and Development as a source of infrastructure financing.
  • The Arbitration and Conciliation (Amendment) Bill, 2021 – The Amendment will look to address stakeholder concerns from the enactment of the original bill. 
  • The Major Port Authorities Bill, 2021 – The Bill will look to streamline governance and provide greater flexibility to Ports. 
  • The Constitution (Scheduled Castes) Order (Amendment) Bill, 2021 – The Amendment has been made with respect to the State of Tamil Nadu. 
  • The National Capital Territory of Delhi Laws (Special Provisions) Second (Amendment) Bill and The Government of National Capital Territory of Delhi (Amendment) Bill, 2021 for the state of New Delhi. 

The Bills will look to enhance Ease of Doing Business in India and enable multiple sectors of the economy to reach their full growth potential.