Budget session of Parliament from January 31 to April 6
What's the story
The Budget Session 2023 of Parliament will commence on January 31 and continue till April 6, Union Minister for Parliamentary Affairs Prahlad Joshi informed on Friday. The session will see 27 sittings over 66 days. However, there will be a break between February 14 and March 12. The winter session of Parliament was cut short last month amid a series of disruptions.
Context
Why does this story matter?
A budget is a financial document meant to run the affairs of a country. The Union Budget 2023-24 will mark the last full budget presentation of the Narendra Modi 2.0 government, as the next General Election is slated for April-May 2024. All eyes are on the government as it has to address the challenges of inflation and unemployment besides ensuring economic growth.
Details
Recess for Parliamentary Standing Committees to examine Demands for Grants
Joshi said the recess from February 14 to March 12 is to enable the Parliamentary Standing Committees to assess the Demands for Grants and prepare reports of their corresponding departments or ministries. This session will be conducted against the backdrop of the ongoing Russia-Ukraine war and an impending recession in 2023, regarding which the World Bank and International Monetary Fund (IMF) have raised alarm.
Figures
Inflation was at 12-month low in December at 5.7%
After the inflation rates touched nearly 15% in May 2022, moderation in food prices brought it down to a 12-month low of 5.7% in December, as per the data from the National Statistical Office (NSO) released on Thursday. The consumer price index (CPI) prevailed above 6% for four consecutive quarters, including the one which ended in December 2022.
Meeting
RBI's Monetary Policy Committee meeting slated for February
The Reserve Bank of India's (RBI) meeting of the Monetary Policy Committee (MPC) scheduled in February is awaited. The winter session of the Parliament saw disarray after the Opposition alleged they were not allowed to discuss the clash between the Indian and Chinese troops which occurred along the Line of Actual Control (LAC) in Tawang of Arunachal Pradesh on December 9.