Parliament Budget Session LIVE: Government Deploys Strategic Measures Against West Asia Crisis and Advances Corporate Reforms

Key Takeaways

• West Asia Crisis Response: PM Modi highlights the deployment of 53 lakh metric tonnes of strategic petroleum reserves and ethanol blending as buffers against oil price shocks.
• Evacuation Success: The government has successfully repatriated 3,75,000 Indians, including 700 students from Iran, since the outbreak of hostilities.
• Corporate Law Overhaul: Finance Minister Nirmala Sitharaman introduced the Corporate Laws (Amendment) Bill, 2026, aiming to refine compliance thresholds and empower the National Financial Reporting Authority.
• Opposition Pushback: Opposition leaders and civil rights groups voiced strong resistance against the Corporate Bill and the proposed amendments to the Transgender Persons Act, citing concerns over constitutional overreach and human rights.

Managing the West Asia Crisis: Strategies and Reserves

Prime Minister Modi emphasized that the government is currently formulating a comprehensive three-pronged strategy—short-term, medium-term, and long-term—to minimize the economic and social impact of the West Asia crisis. A primary focus of these preparations has been energy security.

Highlighting India's resilience, the PM noted that the country has significantly bolstered its strategic petroleum reserves over the last decade. Currently, India holds 53 lakh metric tonnes of strategic reserve petrol, separate from the stockpiles held by private oil companies. This totals 56 lakh metric tonnes, ensuring the nation has a robust buffer against supply shocks. Additionally, Modi pointed to the success of ethanol blending programs, which have reduced crude oil import requirements by 4.5 crore barrels compared to previous years.

Addressing the agricultural sector, the PM assured farmers that the government has made adequate arrangements for fertilizer supplies, drawing on lessons learned during the pandemic to prevent agricultural distress. "The government didn't allow the impact of COVID to be felt by farmers, and we will do everything possible to help them now," he stated.

On the humanitarian front, the PM updated the House on the evacuation efforts. To date, 3,75,000 Indians have been safely returned to India. Of these, approximately 1,000 have returned from Iran alone, with around 700 being medical students pursuing MBBS degrees there. The PM urged the Parliament to send a united voice regarding the crisis, noting that the conflict zone remains a critical aspect of India's business and trade relations.

He also issued a cautionary note regarding domestic stability, stating that certain elements may attempt to exploit the situation. Consequently, the government is closely monitoring law and order to ensure that any potential unrest is quickly contained.

Corporate Laws (Amendment) Bill 2026: Reforms and Resistance

In the legislative chamber, Union Finance Minister took center stage to introduce the Corporate Laws (Amendment) Bill, 2026. This legislation seeks to further amend the Limited Liability Partnership Act, 2008, and the Companies Act, 2013. The bill aims to streamline regulations and empower the National Financial Reporting Authority with powers similar to those held by regulators like SEBI, the CCI, and the IBBI.