Lok Sabha Approves Finance Bill 2026 Amidst Economic Reforms

The Lok Sabha has approved the Finance Bill 2026, marking a significant step in India's economic reforms. Finance Minister Nirmala Sitharaman emphasized the government's commitment to advancing the nation and fulfilling the aspirations of its citizens. The session also saw discussions on the Foreign Contribution Regulation Act and the Insolvency and Bankruptcy Code, with opposition parties raising concerns about economic inequality. Additionally, the Rajya Sabha highlighted the impressive growth in milk production and the need for an indigenous search engine to strengthen digital sovereignty. This article delves into the key discussions and legislative actions taken during these sessions.

By Narendra Chaudhary Mar 25, 2026, 17:30 IST

Finance Bill 2026 Approved

The Lok Sabha has given its nod to the Finance Bill 2026. During the session, Finance Minister Nirmala Sitharaman criticized the opposition, stating that prior to the Narendra Modi government, economic reforms were often made out of necessity. However, she emphasized that reforms are now being implemented with determination and commitment, propelling the nation forward on the 'Reform Express'. She highlighted that steps are being taken to fulfill the aspirations of 1.4 billion Indian citizens and to develop the country.

Legislative Proceedings in Lok Sabha

The government introduced a bill in the Lok Sabha to amend the Foreign Contribution Regulation Act (FCRA), proposing increased oversight of foreign-funded organizations. This includes the establishment of a new authority to manage and seize assets of non-profit organizations that lose their licenses. Home State Minister Nityanand Rai presented the 'Foreign Contribution (Regulation) Amendment Bill, 2026'.

Opposition members criticized the Insolvency and Bankruptcy Code (Amendment) Bill, 2025, claiming it would exacerbate economic inequality. Participating in the discussion, Samajwadi Party's Virendra Singh argued that the bill would create a divide between small traders, farmers, and large corporations.

BJP MP Anurag Thakur asserted that the proposed amendments to the Insolvency and Bankruptcy Code would accelerate the 'Reform Express' and strengthen India's economy. He noted that the Modi government has focused on preserving and advancing companies rather than shutting them down.

Union Minister for New and Renewable Energy, Pralhad Joshi, criticized the Congress party, stating that during the previous UPA government, they struggled with 'Son Stroke' and failed to harness solar energy effectively. He made these remarks while responding to supplementary questions from Congress MP Varsha Gaikwad during the question hour.

Railway Minister Ashwini Vaishnaw announced that over three million fake accounts have been removed from the IRCTC portal to combat middlemen and brokers in ticket booking. He also mentioned that currently, 70% of the train coaches in operation are in the general and sleeper categories, with 78% of seats in non-air-conditioned coaches.

Rajya Sabha Proceedings

On Wednesday, the central government informed the Rajya Sabha that milk production in the country has increased by nearly 70% over the past 11 years, reaching 248 million tons by 2024-25. Central Minister Rajiv Ranjan Singh stated that India will be free from Foot and Mouth Disease (FMD) within the next three years, noting a decline in recent outbreaks of FMD and brucellosis.

Congress Rajya Sabha member Pramod Tiwari argued that the annual allocation of five crore rupees per MP under the MPLAD scheme is insufficient and should be raised to at least 20 crore rupees. He also called for the removal of GST on projects funded under this scheme.

To enhance the country's digital sovereignty, Congress member Neeraj Dangi emphasized the need for developing an indigenous search engine in the Rajya Sabha, aiming to reduce dependence on foreign companies like Google and Microsoft. He pointed out that countries such as China, Russia, France, South Korea, the Czech Republic, and even Vietnam have their own indigenous search engines.