The first phase of the budget session has concluded, with the Rajya Sabha entering a brief recess. This session was marked by intense debates between opposition members and treasury benches, particularly concerning budget allocations for states such as Telangana, West Bengal, Tamil Nadu, and Kerala. Oppo-sition members accused the government of discriminating against these states. In response, Finance Minister Nirmala Sitharaman asserted that the Modi government has consistently maintained an equitable approach towards all states.

The session also witnessed heated discussions during the intro-duction of the Joint Parliamentary Committee (JPC) report on the Waqf Board and the proposed reforms. Leader of Opposition Mal-likarjun Kharge labeled the report as a “Farji report,” while the government dismissed the opposition’s stance as “Farji Virodh.”

As debates over the JPC report are expected to continue until a thorough discussion leads to a consensus, Finance Minister Sitharaman emphasised the government’s commitment to control-ling inflation and alleviating the financial burden on citizens. She highlighted that retail inflation, measured by the Consumer Price Index (CPI), decreased to 4.31% in January from 5.22% in De-cember, moving closer to the Reserve Bank of India’s (RBI) target of 4%.

Sitharaman stated that the budget proposals aim to “accelerate growth, secure inclusive development, and invigorate private sector investments.” She refuted claims of reduced capital ex-penditure for the upcoming fiscal year, clarifying that the govern-ment has maintained or increased allocations in critical sectors. She acknowledged the challenges in budget preparation due to unpredictable external factors but emphasised the administra-tion’s efforts to make accurate assessments prioritizing India’s in-terests.

On the topic of inflation, Sitharaman noted significant price cor-rections in essential commodities such as tomatoes, onions, po-tatoes, and pulses. She attributed the management of food infla-tion to a dedicated group of ministers who monitor adverse weather impacts and supply chain disruptions, ensuring timely imports when necessary. She claimed that the RBI is vigilant re-garding fluctuations in the Indian rupee’s value.

Highlighting initiatives to boost agricultural production, Sitha-raman underscored the government’s ongoing efforts to mitigate price rises and prevent undue burdens on ordinary citizens. She emphasised that these endeavors would persist in maintaining affordability.

Reflecting on her tenure, Sitharaman, who has presented a rec-ord eight consecutive budgets, asserted that the Modi govern-ment’s fiscal projections are realistic, avoiding conservative or overly optimistic estimates. She cited the National Statistics Of-fice’s first advance estimates, projecting India’s economy to grow by 6.4% in real terms and 9.7% in nominal terms. The budget’s goals are designed to accelerate growth, ensure inclusive devel-opment, and stimulate private sector investments.

Another major issue during the first phase of the budget session in the House of Elders was the concern from the opposition par-ties about income tax incentives favoring the wealthy. Sitharaman clarified that the recent tax reforms are designed to significantly reduce the tax burden on the middle class. The session is ex-pected to witness further debates after March 10 when it is re-convened.

Opposition parties and Muslim religious organisations have vowed to challenge the controversial Waqf (Amendment) Bill in the Supreme Court if it is passed in Parliament. They made this call after a Joint Parliamentary Committee (JPC), headed by BJP MP Jagdambika Pal, rejected all the 44 amendments moved by them on January 28. As a damage control exercise, the Speaker of the Lok Sabha ensured that the dissent notes were added to the JPC report after deleting any personal attacks as per rules.