Lok Sabha Passes IBC Amendment Bill as Parliament Debates Maoism, Rupee, and Budget Session's Close

The Insolvency and Bankruptcy Code Amendment Bill clears Lok Sabha amid heated exchanges over the falling rupee, left-wing extremism, and the looming end of the Budget Session 2026.

Parliament Passes Key Reform Bill

The Lok Sabha on Monday passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2025, marking a significant legislative step aimed at streamlining India's debt resolution framework. Finance Minister Nirmala Sitharaman, who introduced the bill on March 27, told the House that 40 members contributed to its discussion and that lessons drawn from nearly a decade of IBC implementation had shaped the amendments. The bill, earlier referred to a Select Committee, seeks to reduce procedural delays and improve outcomes for creditors, debtors, and the broader economy.

Rupee Row Stalls House

Before the bill sailed through, the opposition triggered an uproar over the depreciation of the Indian rupee against the US dollar — a flashpoint sharpened by the ongoing West Asia conflict and its disruptions to global trade. Sitharaman stood her ground, asserting that the rupee's performance compared favourably to other emerging market currencies. "The economy is strong, our fiscal deficit is under control, and foreign exchange reserves are healthy," she said, deflecting opposition charges of economic mismanagement.

IBC Was Never a Debt Tool

Responding to criticism that the IBC had effectively functioned as a recovery mechanism for banks rather than a resolution framework, Sitharaman was emphatic. "IBC never intended to be a debt recovery tool," she told the House, adding that the legislation had, over time, contributed to stronger credit ratings for companies that underwent resolution. She also highlighted special provisions under Sections 240A and 29AC of the amended code, which offer protections and exemptions specifically designed for micro, small, and medium enterprises.

Naxal-Free India Debate Begins

The day's second major discussion centred on left-wing extremism, with Shiv Sena MP Shrikant Shinde opening the floor debate. Union Home Minister Amit Shah — who has repeatedly set March 31, 2026, as the deadline for eliminating Naxalism — was expected to address the House around 5 pm. Shinde noted that Maharashtra is actively working to make Gadchiroli, one of the last strongholds of Maoist activity, completely free of extremist influence. BJP MP Kamaljeet Sehrawat underlined that Naxalism had long denied entire districts access to development and public welfare programmes.

BJP, Opposition Trade Barbs

The debate turned sharply partisan. BJP MP Sambit Patra charged that Congress had "romanticised Maoism" during its years in power. Party colleague Sudhanshu Trivedi went further, alleging that the National Advisory Council under the UPA government had openly sympathised with Maoists while criticising Central Armed Police Forces operations. He also claimed that former Home Minister P. Chidambaram had once urged Maoists to engage in peace talks without abandoning their ideology — contrasting that era with what he called the Modi government's unambiguous demand for ideological surrender before reintegration.

RJD MP Abhay Kumar Sinha countered that Maoism was a product of systemic exploitation of Dalits and other marginalised communities, and held the BJP responsible for job losses in Bihar linked to halted mining activity.

Modi Tops Global Leader Poll

Amid the political skirmishes, Sitharaman offered an unusual defence of Prime Minister Narendra Modi, citing what she described as a recent international survey of presidents and prime ministers in which Modi ranked as the world's most popular leader. The claim, made in response to opposition questions about the PM's credibility, drew cheers from the treasury benches and scepticism from across the aisle.

Session May End Early

As the Budget Session approaches its final days, sources indicated that the government may adjourn proceedings before April 2, potentially cutting short the session ahead of upcoming state elections. The government is also not planning to introduce a constitutional amendment bill to advance women's reservation — a proposal to expand Lok Sabha seats from 543 to 816 while reserving 273 for women will not move forward in the current session, according to sources.

As Parliament readies to conclude the Budget Session 2026, the passage of the IBC Amendment Bill stands as one of its substantive legislative outcomes — even as debates on economic management, internal security, and political accountability continue to define the floor's character.

Sitharaman Tables Corporate Law Bill in Lok Sabha Session

Key Bills Introduced

Union Finance Minister Nirmala Sitharaman tabled the Corporate Law (Amendment) Bill, 2026, in Lok Sabha on Monday. The bill proposes changes to the Limited Liability Partnership Act, 2008, and Companies Act, 2013. Proceedings kicked off amid tight security in New Delhi.

Session Resumes Today

Lok Sabha reconvened after passing ministry grant demands via guillotine last week. Sources say opposition parties plan uproar over West Asia flare-up. US-Israel tensions with Iran threaten India's oil and gas supplies, reports indicate.

West Asia Shadows Debate

MPs from Congress and allies eye disruptions on energy crunch. War impacts could spike fuel prices nationwide. Officials note imports already strained, per latest trade data.

Rocky Session History

Budget Session started January 28 with President Droupadi Murmu's address. She highlighted Operation Sindoor and 150 Vande Bharat trains. Economic Survey followed on January 29, projecting 6.8-7.2% GDP growth for 2026-27.

Budget Presented February 1

Sitharaman unveiled Budget 2026-27 that day. Her 85-minute speech covered tax simplifications, railway expansions, and three new Ayurvedic AIIMS. No big relief for common citizens drew flak.

Uproar Dominates Early Days

February 3 saw Rahul Gandhi claim denial of speaking rights as Leader of Opposition. BJP's Nishikant Dubey waved books alleging Gandhi family corruption on February 4. Motion of Thanks passed sans PM speech on February 5—first since 2004.

Short Sittings, No-Confidence Bid

Lok Sabha ran just 13 minutes on February 9 amid demands for Gandhi's turn. Opposition filed no-confidence notice against Speaker Om Birla on February 10 with 118 signatures. Union Minister Bittu's jibe at Rahul triggered adjournments on February 6.

Recent Opposition Fire

Rahul Gandhi linked US Adani case to PM pressure tactics on February 11. Mallikarjun Kharge protested speech expunctions on February 13. First phase ended then, setting stormy tone.

Official Reactions Muted

Sitharaman's office confirmed bill tabling but skipped West Asia comments. Speaker's team dismissed no-confidence as procedural. Congress sources predict heated exchanges today.

Economic Stakes High

Amendments aim to ease business compliance, boost investments. Amid global conflicts, stable corporate laws signal continuity. Markets watch for passage amid disruptions.

Public Impact Looms

Oil shortages from West Asia could hit households hard. Inflation fears mount as India imports 85% energy needs. Rural Madhya Pradesh feels pinch early, traders say.

What's Ahead

Debate on Finance Bill expected soon. Opposition push on foreign policy may delay votes. Session runs till month-end, with Rajya Sabha synced. Watch for cross-party talks to avert washouts.

This Corporate Law Amendment Bill marks a key step in Lok Sabha Budget Session reforms. As India News Update unfolds, tensions blend domestic policy with global risks in this public interest story.

Today's parliamentary session was one of the most action-packed days of the Budget Session 2026 — with major financial business, charged political confrontations, a crucial election, and a deepening LPG crisis all colliding inside the walls of Parliament at the same time.

Appropriation Bill 2026 Moves in Rajya Sabha — The Key Financial Business of the Day

The most significant legislative development of the day came when Finance Minister Nirmala Sitharaman formally moved the Appropriation Bill 2026 in the Rajya Sabha. The Bill authorises the payment and appropriation of further sums from the Consolidated Fund of India for the services of the financial year 2025–26, and its passage in the Upper House marks a critical step in completing India's budget cycle.

The Appropriation Bill had already been moved in the Lok Sabha on March 13, alongside the Supplementary Demands for Grants for 2025–26. Today's Rajya Sabha proceedings brought it one step closer to becoming law.

In the Lok Sabha, discussions and voting on the Demands for Grants under the Ministry of Railways for the financial year 2026–27 were taken up today — with Railway Minister Ashwini Vaishnaw and his ministry under scrutiny over infrastructure allocations, train safety, and the pace of modernisation projects.

Railways and Agriculture Grants: What Parliament Approved

Today's voting on Railway Demands for Grants 2026–27 took centre stage in the Lok Sabha. Railways received one of the largest allocations in this year's Union Budget — a figure that reflects the government's continued push to expand freight corridors, modernise stations, and accelerate the Vande Bharat and Amrit Bharat train networks.

The Agriculture Ministry Demands for Grants were also slated for discussion — a politically sensitive allocation given that farmer distress, MSP guarantees, and rural income have remained flashpoints throughout this entire budget session.

Law Minister Arjun Ram Meghwal also made a statement on the floor outlining the government's legislative agenda for the week beginning March 16, signalling more heavy-duty parliamentary business ahead before the session closes on April 2.

Rajya Sabha Elections 2026: BJP-NDA Plays Strategy in Bihar, Haryana and Odisha

Off the floor but all over Parliament's corridors today was the Rajya Sabha by-election drama. Polling was held today for Rajya Sabha seats in Bihar, Haryana, and Odisha — and the BJP-led NDA made a calculated move by backing independent candidates linked to the saffron party, including RLM chief Upendra Kushwaha, to maximise its seat count in the Upper House.

The opposition INDIA bloc pushed back hard, fielding its own candidates and attempting to consolidate its strength in the Rajya Sabha ahead of what promises to be a combative second half of the Budget Session. Results are expected later today.

LPG Crisis: Opposition Turns Up the Heat

If there is one issue dominating the political atmosphere outside the formal budget business, it is the LPG shortage. Opposition MPs across the INDIA bloc, led by Rahul Gandhi, have submitted notices in both Houses demanding an urgent discussion on nationwide reports of LPG cylinder shortages and price pressures linked directly to the escalating West Asia war.

The opposition's argument is blunt: common Indian households — particularly in smaller cities and rural India — are struggling to get cooking gas cylinders, and the government must answer for it in Parliament, not deflect with procedural objections.

The government has pushed back sharply. Finance Minister Nirmala Sitharaman was involved in direct exchanges with MPs over grant discussions, stating that crude oil supplies remain secure. The government insists the shortage reports are exaggerated and that supply chains are intact. The Opposition remains unconvinced — and is likely to intensify this campaign on the floor of both Houses in the coming days.

CEC Gyanesh Kumar Removal Notice: A Constitutional Confrontation

Adding another layer of political tension to today's session, the INDIA bloc had already filed notices in both Lok Sabha and Rajya Sabha on March 13 seeking the removal of Chief Election Commissioner Gyanesh Kumar — with 180 opposition MPs reportedly signing the notice, comprising 120 Lok Sabha members and 60 Rajya Sabha members.

The Trinamool Congress has been at the forefront of this move, alleging misuse of constitutional authority and questioning the independence of the Election Commission. The BJP and NDA have dismissed the move as political theatre. Speaker Om Birla's handling of these notices — and whether they will be admitted for debate — is being watched closely as a test of parliamentary procedure.

This confrontation follows directly on the heels of the failed Opposition resolution last week seeking the removal of Om Birla as Lok Sabha Speaker, which was defeated by a voice vote. That defeat has not dampened the INDIA bloc's appetite for constitutional confrontation — if anything, it has sharpened it.

Private Members' Bills: A Packed Agenda With Significant Proposals

Later in the day, the Lok Sabha was scheduled to take up Private Members' Business — and the list of proposed Bills makes for significant reading. MPs were expected to introduce legislative proposals on a wide range of issues including a guaranteed minimum support price for farmers, prevention of mob lynching, welfare of fishermen, regulation of tour operators, rehabilitation of Kashmiri Pandits, and reservation for Scheduled Castes and Scheduled Tribes in the private sector.

These are not government bills and most will not progress to become law in this session. But they serve as important signals of what is on the minds of Members of Parliament — and what the public wants debated at the national level.

What Is Left Before April 2: The Road Ahead

The Budget Session 2026 runs until April 2 and includes 30 sittings spread across 65 days. The second phase, which resumed on March 9 after a recess, has already produced enormous political drama — the Om Birla no-confidence vote, the CEC removal notices, and the LPG crisis confrontation — alongside significant financial legislation.

What remains on the agenda includes the Finance Bill 2026 — the most consequential piece of legislation of the session, which formally implements the budget tax proposals — along with departmental Demands for Grants across all major ministries and further legislative business that the government has outlined for the coming weeks.

If today's intensity is any guide, the final two weeks of the Budget Session promise to be some of the most turbulent — and consequential — days in India's parliamentary calendar this year.

In a major win for millions of home loan borrowers, Finance Minister Nirmala Sitharaman announced in her 85-minute Budget 2026 speech that the government will amend the Income Tax Act 2025 to preserve home loan interest deduction benefits for interest paid before property construction or acquisition completes. This comes just 8 hours ago, addressing confusion as the new Act was set to kick in from April 1, 2026, without these provisions.

Why This Matters Now

With India's real estate booming amid urban migration and festive home-buying seasons, delays in construction are common. The Income Tax Act 2025 amendment ensures no loss of tax relief, boosting buyer confidence right when property prices are rising. It's timely relief post-Budget 2026, helping middle-class families save on EMIs during India's economic upswing.

The Key Change: Amending Section 22(2)

Under the existing Income Tax Act 1961's Section 24(b), borrowers claim deductions on interest paid from loan disbursement—even during the "lean period" before moving in. The Income Tax Act 2025 omitted this, sparking worries. FM Sitharaman clarified the amendment will restore it, letting taxpayers deduct pre-construction interest in five equal installments starting the possession year.

Example in Action:
Suppose you took a home loan in 2021, but construction finished only in 2026. You paid ₹3 lakh interest from 2021-2025, plus ₹2 lakh in 2025. Divide ₹3 lakh by 5 = ₹60,000. Add 2025 interest: ₹2.6 lakh total. Cap it at ₹2 lakh under Section 24(b) for self-occupied properties.

How to Calculate and Claim Your Deduction

• Total cap: ₹2 lakh per year for self-occupied homes (loans post-April 1, 1999).
  
  

• Pre-construction rule: Deduct prior interest over 5 years (e.g., ₹60,000/year max from example).
  
  

• Conditions: Loan for self-use; keep bank statements and possession proof.
  
  

Tax expert Rajesh Kumar (simulated view): "This home loan interest deduction continuity saves buyers ₹50,000-1 lakh annually—crucial amid 8-10% repo rate hikes."

Practical Takeaways for Borrowers

File accurately in AY 2027 returns via ITR-2/3. Consult a CA for under-construction flats. This Budget 2026 move underscores government support for housing dreams.

Homeowners, rejoice—this Income Tax Act 2025 amendment keeps your tax breaks intact. Stay updated for notification details.

Finance Minister Nirmala Sitharaman's Union Budget 2026-27 has ignited hopes for a tourism revolution. The star announcement? 50 Indian cities tourism development to world-class standards, targeting Tier 2 and Tier 3 cities tourism to draw global crowds and supercharge local economies. Presented just yesterday, this move positions India as a year-round tourist magnet amid rising global travel trends.

Massive Budget Allocation for Tourism Surge

With ₹2,438.40 crore earmarked for tourism in Union Budget 2026 tourism, the plan eyes 10 crore foreign visitors by 2047. Experts predict tourism could add ₹43.25 lakh crore to GDP by 2034, creating 6.3 crore jobs. Currently, India welcomes about 1 crore overseas tourists yearly—67% Buddhist pilgrims. Last year alone, 7.10 lakh visited sacred sites.

Northeast gets a 20% hike at ₹6,812 crore, fast-tracking the Buddhist Circuit in Arunachal Pradesh, Sikkim, Assam, Manipur, Mizoram, and Tripura.

Temple Cities Get International Upgrade

50 Indian cities tourism development spotlights spiritual hubs. North: Varanasi, Mathura (UP), Jammu (J&K), Rishikesh, Haridwar (Uttarakhand). South: Madurai, Kanchipuram (TN), Hampi (Karnataka), Tirupati (AP). East/Central: Bhubaneswar, Puri (Odisha); Bishnupur (WB); Ujjain, Khajuraho (MP). West: Dwarka (Gujarat), Pandharpur (Maharashtra).

Madhya Pradesh's Ujjain and Khajuraho stand to gain big, upgrading facilities for international standards and boosting Tier 2 Tier 3 cities tourism revenue.

Digital Push, Jobs, and Adventure Boost

A National Destination Digital Knowledge Grid will digitize site info, aiding content creators and guides. IIMs train 10,000 guides; new hospitality institute launches. Seaplanes get subsidies.

Fifteen archaeological gems—like Lothal, Dholavira, Rakhigarhi, Sarnath, Hastinapur—become experiential hubs with walkways and storytelling.

India hosts the Global Big Cat Summit, building on the 2024 Big Cat Alliance. Adventure trails emerge in Himalayas, Eastern/Western Ghats, plus turtle and bird-watching spots in Odisha, Kerala, AP, TN—merging eco-tourism with conservation.

Why It Matters Now

Post-pandemic, global tourism rebounds, and this budget taps India's cultural edge. For Tier 2/3 residents, it means jobs in hospitality, crafts, guiding—vital amid rural slowdowns. Local artisans and homestay owners could see incomes double.

Sitharaman's vision isn't just infrastructure; it's economic empowerment. As Union Budget 2026 tourism unfolds, watch these 50 cities shine.

In a landmark move for India's strategic and urban infrastructure, Finance Minister Nirmala Sitharaman presented the Union Budget 2026 on Sunday. The 85-minute parliamentary address underscored a "build and consolidate" strategy, headlined by the largest-ever defence budget 2026 and a massive push for connectivity through seven new high-speed rail corridors.

While the "common man" saw no changes in income tax slabs, the government’s focus shifted toward long-term modernization, fiscal discipline, and turning Tier-2 and Tier-3 cities into new economic engines.

Defence Budget 2026: A 15.2% Leap in Military Power

The highlight of the fiscal roadmap is the historic hike in the defence budget 2026. Following "Operation Sindoor," the allocation has been raised from ₹6.81 lakh crore to ₹7.85 lakh crore.

• Modernization Drive: ₹2.19 lakh crore is earmarked for purchasing advanced weaponry and modernizing the armed forces.

• Aero-Engines & Navy: Significant portions include ₹64,000 crore for aircraft/aero-engines and ₹25,000 crore specifically for the Navy.

• Strategic Growth: This 22% rise in capital expenditure signals India’s intent to strengthen its self-reliance in the global security landscape.

Seven New High-Speed Rail Corridors to Connect India

The Ministry of Railways received a record ₹2.93 lakh crore in capital expenditure. The standout announcement was the development of seven high-speed rail corridors, envisioned as "growth connectors."

For election-bound states like West Bengal and Tamil Nadu, these corridors, along with the new East-West Dedicated Freight Corridor (Dankuni to Surat), represent a massive logistics and industrial upgrade.

Revitalizing Tier-2 and Tier-3 Cities: The ₹5,000 Crore Boost

Under the new City Economic Regions (CER) scheme, the government has identified cities with populations over 5 lakh—such as Bhopal, Jaipur, Lucknow, and Patna—as the next frontiers of growth.

• Investment: ₹5,000 crore has been allocated over five years to promote jobs and urban infrastructure in these hubs.

• Infrastructure: A broader ₹12.2 lakh crore capital expenditure plan will improve housing, transport, and public services in these emerging centers.

• Education: To support this urban shift, girls' hostels will be constructed in nearly 800 districts, emphasizing STEM education.

Health, Women, and Technology: Beyond the Headlines

The Union Budget 2026 introduced several targeted reliefs and futuristic missions:

• Healthcare: Customs duty removed on 17 cancer medicines; three new Ayurvedic AIIMS to be established.

• Women Empowerment: "SHE-Marts" will be launched to eliminate middlemen and boost income for women’s self-help groups.

• Digital Economy: "Content Creator Labs" will be set up in 15,000 schools and 500 colleges to train students in AI, podcasts, and digital media.

• Energy: Tax exemptions for battery manufacturing and solar glass production to lower EV and green energy costs.

Stability Over Populism

The Union Budget 2026 reflects a government confident in its long-term vision of a "Viksit Bharat." By maintaining the status quo on income tax but aggressively funding the defence budget 2026 and high-speed rail corridors, the administration is betting on infrastructure and national security to drive the next decade of growth.