ANNUAL POLICY REVIEW

April 2024 - March 2025

 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

PRS Legislative Research April 2025

Institute for Policy Research Studies
3rd Floor, Gandharva Mahavidyalaya
212, Deen Dayal Upadhyaya Marg
New Delhi – 110 002
Tel: (011) 4343 4035
www.prsindia.org

Contributors:
Prachee Mishra
Saket Surya
Atri Prasad Rout
Niranjana S Menon
Nripendra Singh
Shirin Pajnoo
Shrusti Singh
Tushar Chakrabarty
Vaishali Dhariwal

DISCLAIMER: This document is being furnished to you for your information. You may choose to reproduce or redistribute this report for
non-commercial purposes in part or in full to any other person with due acknowledgement of PRS Legislative Research (“PRS”). The
opinions expressed herein are entirely those of the author(s). PRS makes every effort to use reliable and comprehensive information, but
PRS does not represent that the contents of the report are accurate or complete. PRS is an independent, not-for-profit group. This document
has been prepared without regard to the objectives or opinions of those who may receive it.
Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

Table of Contents
Finance………………………………………………………………….....…………………………… 02
Macroeconomic Development…………………………………………………………………..... 02
Finance……………………………………………………………………………………………… 03
Corporate Affairs…………………………………………………………………………………… 09
Commerce and Industry…………………………………………………………………………… 09
Mines…………………………………………………………………………………………...…… 11
Agriculture…………………………………………………………………………………………... 12
Media and Broadcasting…………………………………………………………………………… 14
Infrastructure……………………………………………………………………………………………. 15
Communications and IT……………………………………………………………………………. 15
Electricity………..…………………………………………………………………………………... 16
Petroleum ………………………………………………………………………………….............. 17
Railways……………………………………………………………………………..................... 17
Civil Aviation………………………………………………………………………………………... 17
Road Transport and Highways……………………………………………………………………. 19
Shipping…………………………………………………………………………………................. 19
Development……………………………………………………………………………………………. 21
Education……………………………………………………………………………………………. 21
Skill Development…...…………………………………………………………………….............. 23
Youth Affairs & Sports………………………………………………………............................... 23
Science & Technology…………………………………………………………………................ 23
Health…………………………………………………………………………………………..…… 23
Environment.……………………………………………………………………........................... 24
Rural Development……………………………………………………………………………….. 25
Housing & Urban Affairs………………………………………………………........................... 25
Tribal Affairs………………………………………………………………………………………… 26
Law and Security………………………………………………………………………...................... 27
Home Affairs………………………………………………………………………………............ 27
Law and Justice…………………………………………………………………………............... 28
Minority Affairs…………………………………………………………………………………….... 29
 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

Highlights of the year

Macroeconomic Minority Affairs Education
Development
A Bill to amend the law The University Grants
In 2024-25, India’s real GDP is regulating waqf property was Commission issued draft
estimated to grow by 6.5%, introduced in Lok Sabha, regulations for appointment of
lower than 9.2% in 2023-24. which was examined by a Joint the Vice Chancellor in Higher
Retail inflation averaged 4.6% Parliamentary Committee. Educational Institutions.
in 2024-25 which was lower
than 5.4% in 2023-24. India Mines Health
recorded a current account
The Environment Ministry The government expanded the
deficit of 1.3% of GDP during
notified rules on mineral health insurance scheme to
April-December 2024 as
exploration and production include all senior citizens aged
compared to 1.1% of GDP
operations in offshore areas. 70 years and above. Senior
during April-December 2023.
The Supreme Court upheld citizens already covered under
states’ power to tax mineral the scheme will get an
Home Affairs
bearing lands. additional coverage of five
The Disaster Management Act, lakh rupees.
Finance
2005 was amended to allow
states to establish Urban The Income Tax Bill, 2025 was Housing and Urban Affairs
Disaster Management introduced to replace the
The government decided to
Authorities. The Immigration Income Tax Act, 1961. RBI
and Foreigners Bill was also continue Pradhan Mantri Awas
modified priority sector
introduced to consolidate laws Yojana – Gramin for five
requirements for cooperative
years. The government also
regulating immigration, entry, banks. RBI issued directions
approved PMAY Urban 2.0
and stay of foreigners. on treatment of wilful and
large defaulters.
Infrastructure
Law and Justice
Environment The Bharatiya Vayuyan
A Constitutional Amendment Vidheyak, 2024 to regulate
The Public Liability Rules,
Bill was introduced to civil aviation was passed. A
1991 were amended to increase
implement simultaneous set of Bills were introduced to
the cap on liability of insurers.
election for Lok Sabha and regulate the shipping sector.
state assemblies.

During 2024-25, Parliament passed six Bills.

Table 1: Bills passed by Parliament between April 2024 and March 2025
Short Title Sector Key Objectives
Repeals the Railway Board Act, 1905 and incorporates its
The Railways (Amendment) Bill, 2024 Railways
provisions into the Railways Act, 1989.
The Disaster Management (Amendment) Bill, Empowers states to constitute Urban Disaster Management
Home Affairs
2024 Authorities and a State Disaster Response Force.
Amends the Oilfields (Regulation and Development) Act, 1948.
The Oilfields (Regulation and Development) Petroleum and
Expands the definition of mineral oils, introduces petroleum
Amendment Bill, 2024 Natural Gas
lease, and adds penalties to certain offences.
Commerce and Replaces the Boilers Act, 1923, while retaining most provisions
The Boilers Bill, 2024
Industry from the Act.
The Banking Laws (Amendment) Bill, 2024 Finance Allows upto four nominees for bank deposits.
Replaces the Aircraft Act, 1934, while retaining most provisions
The Bharatiya Vayuyan Vidheyak, 2024 Civil aviation
from the Act.
Note: This list excludes Finance and Appropriation Bills.
Sources: Relevant Bills; Bulletins of Lok Sabha and Rajya Sabha; PRS.

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 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

Finance and Industry

Macroeconomic Development Balance of Payments in 2024-25
State of the economy in 2024-25 The Balance of Payments account reflects the
In 2024-25, India’s real GDP was estimated to transactions of a country with the rest of the world.
It consists of the current account (exports of goods
grow by 6.5%, as compared to 9.2% in 2023-24.1
and services, remittances, and dividend payments)
In 2024-25, nominal GDP (at prices without
adjusting for inflation) was estimated to be Rs 331 and the capital account (flow of funds through
lakh crore. The per capita income in 2024-25 (at equity investments and borrowings). India
current prices) was estimated to be Rs 2,05,579. recorded a current account deficit of USD 37
billion (1.3% of GDP) in April-December 2024, as
Table 2: Gross value added (GVA) across compared to USD 30.6 billion (1.1% of GDP) in
sectors at constant prices (in %, year-on-year) April-December 2023.3 During April-December
Sector 2022-23 2023-24 2024-25 2024, India’s capital account registered a surplus of
Agriculture 6.3% 2.7% 4.6% USD 22.7 billion. Foreign exchange reserves
decreased by USD 13.8 billion in April-December
Mining 3.4% 3.2% 2.8%
2024 and stood at USD 640 billion at the end of
Manufacturing -1.7% 12.3% 4.3% December 2024.4
Electricity 10.8% 8.6% 6.0%
Table 3: Balance of payments in April-December
Construction 9.1% 10.4% 8.6% 2024-25 (USD billion)
Trade 12.3% 7.5% 6.4% 2024-25
Heads 2022-23 2023-24
Financial Services 10.8% 10.3% 7.2% (Apr-Dec)
A. Exports 456.1 441.4 325.5
Public Services 6.7% 8.8% 8.8%
B. Imports 721.4 686.3 552.8
GVA 7.2% 8.6% 6.4%
C. Trade Balance (A-B) -265.3 -244.9 -227.2
GDP 7.6% 9.2% 6.5%
Sources: MoSPI; PRS. D. Net Services 143.3 162.8 135.5
E. Other Transfers 55.0 56.0 54.6
Inflation trends in 2024-25 F. Current Account
-67.1 -26.1 -37.1
(C+D+E)
Consumer Price Index (CPI) measures the change
G. Capital Account 58.9 89.5 22.7
in prices of items at the retail level. In 2024-25,
CPI inflation was 4.6%, lower than 5.4% in 2023- H. Errors and Omissions -1.0 0.3 0.6
24. Food inflation in 2024-25 was 7.3% which was I. Change in Reserves
-9.1 63.7 -13.8
marginally lower than 7.5% in 2023-24. Wholesale (F+G+H)
Price Index (WPI) measures the average change in Sources: RBI; PRS.
the prices of commodities for bulk sale at the level
of early stage of transactions.2 In 2024-25, WPI Monetary Policy Decisions
inflation was 2.3% compared to -0.7% in 2023-24. The Monetary Policy Committee (MPC) of the
Figure 1: CPI and WPI inflation in 2024-25 (in Reserve Bank of India (RBI) took the following
%, year-on-year) decisions in 2024-25:
12% ▪ In February 2025, the repo rate (the rate at
which RBI lends money to banks) was
10%
decreased from 6.5% to 6.25%, the first change
8% since February 2023.5
6% ▪ The standing deposit facility rate (the rate at
4% which RBI borrows from banks without giving
collateral) was decreased from 6.25% to 6%.
2%
0% ▪ The marginal standing facility rate (under
which banks can borrow additional money)
May-24
Jun-24

Jan-25
Feb-25
Mar-25
Dec-24
Aug-24
Sep-24
Apr-24

Nov-24
Jul-24

Oct-24

and bank rate (at which RBI buys or

rediscounts bills of exchange) was also
CPI Food Inflation WPI decreased from 6.75% to 6.5%.

Sources: MoSPI; Ministry of Commerce and Industry; RBI;

▪ In October 2024, the stance of monetary policy
PRS. changed from withdrawal of accommodation
to neutral.6,7 This was to ensure that inflation
aligns with the 4% target.

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 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

Union Budget 2025-26 presented Cabinet approved Eighth Central Pay

The Finance Minister, Ms. Nirmala Sitharaman
Commission for central government
presented the 2025-26 Union Budget in February employees
2025.8 Key highlights of the budget include: In January 2025, the Union Cabinet approved the
▪ Expenditure: The government has estimated constitution of the Eighth Central Pay Commission
to spend Rs 50,65,345 crore in 2025-26, 7.4% for central government employees.9,10 The term of
higher than the revised estimate of 2024-25. recommendations of the Seventh Pay Commission
will conclude in 2026.
▪ Receipts: Receipts (other than borrowings) in
2025-26 have been estimated to be Rs Cabinet approved Unified Pension Scheme
34,96,409 crore, 11.1% higher than the revised for government employees
estimate of 2024-25 (Rs 31,46,960 crore).
In August 2024, the Union Cabinet approved the
▪ GDP: The government has estimated a implementation of the Unified Pension Scheme
nominal GDP growth rate of 10.1% in 2025-26 (UPS) for central government employees.11 It has
(i.e., real growth plus inflation). become effective from April 1, 2025.12 Under
▪ Deficits: Revenue deficit in 2025-26 is UPS, central government retirees will be provided
targeted at 1.5% of GDP, lower than the assured pension of 50% of average basic pay drawn
previous year (1.9% of GDP). Fiscal deficit is over last 12 months prior to superannuation.
targeted at 4.4% of GDP, also lower than the Pension will be indexed to inflation based on
previous year (4.8% of GDP). Consumer Price Index for Industrial Workers. This
is similar to the Old Pension Scheme applicable to
▪ Tax Proposals: Tax slabs under the new tax employees who joined in 2003 or earlier. To avail
regime have been modified. Annual income of this, the retiree must have a minimum qualifying
up to Rs 12 lakh will receive 100% rebate on service of 25 years. Pension will be
the taxable income. Limits for TDS and TCS proportionately lower for lesser service period.
have been enhanced. Certain tax exemption to Minimum pension of Rs 10,000 per month will be
startups and IFSCs have been extended. provided on superannuating after 10 years of
▪ Policy Proposals: The FDI limit for the service. An assured family pension of 60% of
insurance sector will be increased from 74% to pension of the employee prior to his/her death will
100% for companies which invest their entire be provided.
premium in India. Guarantee cover for loans UPS will be available as an option to employees
to MSMEs and startups will be enhanced. along with the National Pension System (NPS).
Definition of MSMEs will be revised. Nuclear Current and future employees will have the option
energy laws will be amended to attract private to join either NPS or UPS. This choice can be
participation. A mission will be launched for exercised only once. Provisions for UPS will also
development of small modular reactors. Jan apply to current retirees under the NPS.12 Under
Vishwas 2.0 Bill will be introduced to NPS, both employer and employee contribute an
decriminalise certain offences across laws. A amount towards the employee’s retirement corpus.
high-level committee will be set up to suggest To fund the additional expenditure under UPS, the
regulatory reforms. A scheme will be central government’s contribution will be increased
launched to improve crop diversification and from 14% to 18.5% of salary, while the employees’
agricultural productivity. Kisan Credit Card contribution remains at 10%.12 Similar framework
limit will be enhanced. has also been designed for state governments.
Table 4: Union Budget highlights (in Rs crore)
% change
Actuals 2024-25 2025-26
from 24-
2023-24 RE BE25 RE to Finance
25-26 BE
Total Expenditure 44,43,447 47,16,487 50,65,345 7.4% Income Tax Bill introduced in Lok Sabha
Total Receipts* 27,88,804 31,46,960 34,96,409 11.1% The Income-Tax Bill, 2025 was introduced in Lok
Revenue Deficit 7,65,216 6,10,098 5,23,846 -14.1% Sabha in February 2025.13 It seeks to replace the
% of GDP 2.6% 1.9% 1.5% Income-Tax Act, 1961.14 The Bill retains most of
Fiscal Deficit 16,54,643 15,69,527 15,68,936 0.0% the provisions of the 1961 Act. Tax rates and
% of GDP 5.6% 4.8% 4.4% regimes for individuals and corporations remain
Note: *Excluding borrowings. unchanged. Most definitions have also been
Source: Union Budget documents 2025-26; PRS. retained. There are no changes in offences and
For a PRS analysis of the Union Budget 2025-26, penalties. The Bill proposes April 1, 2026 as the
see here. date of its commencement. It has been referred to a
Select Committee of Lok Sabha.

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 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

Key changes include: This can be provided for renewable energy-

based power generators and public utilities.
▪ Undisclosed income: Under the Act,
The revised directions increase the loan limit
undisclosed income for assessing search cases
to Rs 35 crore.
is defined to include money, bullion, jewellery,
or other valuable articles. The Bill expands ▪ Weaker sections: Loans to weaker sections
this definition to include virtual digital assets. can also be qualified as priority sector loans.
These include any code, number, or token Weaker sections include: (i) artisans, village,
generated cryptographically and provide a and cottage industries with individual credit
digital representation of value exchanged. limits up to one lakh rupees, (ii) self-help
This change has also been proposed in the groups, (iii) individual women beneficiaries up
Finance Bill, 2025. to one lakh rupees per borrower. The revised
directions increase the credit limits for artisans,
▪ Virtual digital space: The Act allows income
village, and cottage industries to two lakh
tax authorities to enter and search buildings
rupees. For individual women beneficiaries,
and break open locks. This can be done if
the loan limit has been increased to two lakh
certain documents or books of accounts are not
rupees per borrower (not applicable to urban
produced by a person for whom a summons
co-operative banks). It also adds transgenders
has been issued under the Act. The Act also
and joint liability groups under the definition
empowers the authorities to inspect electronic
of weaker sections.
documents. The Bill retains these provisions
and also allows authorities to gain access of a
virtual digital space during search and seizure. Finance Ministry approved credit
The authorities will have power to gain access guarantee scheme for MSMEs
by overriding any access code. The Bill In January 2025, the Ministry of Finance approved
defines virtual digital space as an environment, a mutual credit guarantee scheme for micro, small,
area, or realm that is constructed and and medium enterprises (MSMEs).18 Under the
experienced through computer technology. It scheme, the National Credit Guarantee Trustee
includes email servers, social media accounts, Company Limited guarantees 60% of loans
online investment and trading accounts, and extended by certain financial institutions to
websites for storing details of assets. MSMEs. These include scheduled commercial
▪ Power to frame schemes: The Act provides banks, non-banking financial companies, and all
for faceless collection of information and India financial institutions. Guarantee is available
assessment of tax cases. The Bill retains these for a loan of up to Rs 100 crore to an MSME for
provisions. It also seeks to empower the purchase of equipment/machinery.
central government to frame new schemes for For loans up to Rs 50 crore, repayment period will
greater transparency and accountability. be up to eight years with a moratorium of up to two
For a PRS summary of the Bill, see here. years on principal repayment. Loans exceeding Rs
50 crore can have longer repayment schedules and
RBI revised priority sector lending moratorium. The scheme covers loans provided up
to four years from the notification of scheme
directions
guidelines or till cumulative guarantee of seven
In March 2025, the Reserve Bank of India (RBI) lakh crore rupees is issued, whichever is earlier.
released the RBI (Priority Sector Lending – Targets
and Classification) Directions, 2025.15,16 These RBI increased limit for giving collateral free
superseded the directions issued in September agricultural loans
2020.17 The directions seek to ensure adequate
credit flow to those sectors which are important for In December 2024, the Reserve Bank of India
socio-economic development. Key changes (RBI) increased the limit for giving collateral free
include: agricultural loans from Rs 1.6 lakh per borrower to
two lakh rupees per borrower.19 This also includes
▪ Co-operative banks: Under the 2020 loans for allied agricultural activities. RBI noted
directions, the priority sector lending target for that the revision was to adjust for inflation and
urban co-operative banks was set at 40% of increase in agriculture input costs. The revised
their adjusted net bank credit. This was to be limits are applicable from January 1, 2025.
increased to 75% by 2025-26. The revised
directions specify that the target will be fixed Parliament amended banking laws
at 60%.
In March 2025, Parliament passed the Banking
▪ Renewable energy: The 2020 directions Laws (Amendment) Bill, 2024.20 It amended the:
allow loans up to Rs 30 crore to be provided as (i) Reserve Bank of India (RBI) Act, 1934, (ii)
priority sector loans for renewable energy. Banking Regulation Act, 1949, (iii) State Bank of

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 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

India Act, 1955, (iv) Banking Companies credit without the lender’s knowledge. Wilful
(Acquisition and Transfer of Undertakings) Act, default by a guarantor will be deemed to have
1970, and (v) Banking Companies (Acquisition and occurred if he does not honour the guarantee
Transfer of Undertakings) Act, 1980.21,22,23,24,25 despite having the ability to do so.
Key features include:
▪ Definition of fortnight for cash reserves: IRDAI released master circular for health
Scheduled banks must maintain a certain level insurance products
of average daily balance with the RBI as cash In May 2024, the Insurance and Regulatory
reserves on a fortnightly basis. A fortnight Development Authority of India (IRDAI) released
was defined as the period from Saturday to the a master circular on health insurance products.27
second following Friday (including both days). The master circular superseded 55 previous
The Bill changed the definition of fortnight to circulars.28 Existing products not in compliance
the period from: (i) first day to fifteenth day of with the circular were to comply by September 30,
each month, or (ii) sixteenth day to the last day 2024. Key features of the master circular include:
of each month.
▪ Types of insurance products offered:
▪ Nomination: The Banking Regulation Act Insurers must offer products to provide a wider
allows single or joint deposit holders to choice to customers. They must cater to: (i)
appoint a nominee. The Bill allows the all ages, (ii) all types of medical conditions,
appointment of up to four nominees. (iii) pre-existing and chronic conditions, (iv)
▪ Tenure of directors of co-operative banks: all systems of medicine and treatment, and (v)
The Banking Regulation Act prohibits the all types of hospitals and health care providers.
director of a bank (except its chairman or ▪ Claim settlement: Insurers must aim towards
whole-time director) to hold office for more 100% cashless settlements of claims in a time
than eight years consecutively. The Bill bound manner. Requests for cashless
increased this period to 10 years for co- settlements must be decided within one hour of
operative banks. the request. Final authorisation must be
For a PRS summary of the Bill, see here. granted within three hours of discharge from
the hospital. In case of delays, any additional
RBI issued directions on treatment of wilful amount charged must be borne by the insurer
from the shareholder’s fund.
and large defaulters
▪ Customer information sheet: Insurers must
In July 2024, the Reserve Bank of India (RBI)
provide customers with a Customer
issued the RBI (Treatment of Wilful Defaulters and
Information Sheet (CIS) in a format prescribed
Large Defaulters) Directions, 2024.26 The
by IRDAI. The CIS will explain all the
Directions provide a procedure for the
features of a policy in a simple language.
classification of a borrower as wilful defaulter by
These include: (i) type of insurance, (ii) sum
lenders. Key features include:
insured, (iii) summary of exclusions, (iv)
▪ Wilful defaulter: A wilful defaulter refers to: deductibles, and (v) sub-limits.
(i) a borrower or a guarantor who has
committed wilful default of at least Rs 25 lakh RBI released directions for asset
or above as notified by RBI, (ii) promoters and reconstruction companies
directors associated at the time of default if the
defaulter is a company, and (iii) persons in The Reserve Bank of India (RBI) released the RBI
charge of and responsible for management of (Asset Reconstruction Companies) Directions,
the affairs of an entity other than companies. 2024 in April 2024.29 Asset Reconstruction
Large defaulter refers to a defaulter with an Companies (ARCs) take over stressed assets from
outstanding amount of at least one crore rupees financial institutions (such as banks) and focus on
and whose account has been categorised as a recovering the dues from such assets. The
doubtful or loss account. directions provide for matters such as the
registration, asset reconstruction, and governance
▪ Wilful default by a borrower will be deemed to of ARCs. Key features include:
have occurred when he defaults in meeting
repayment obligations to the lender. In ▪ Registration: ARCs must obtain a certificate
addition, at least one of the specified of registration from the RBI. Registered ARCs
conditions needs to be fulfilled. These include: can undertake both securitisation and asset
(i) default despite having the capacity to reconstruction activities. Securitisation is the
honour the obligations, (ii) diversion or acquisition of financial assets by ARCs from
siphoning off of funds availed from the lender, other entities.30 ARCs must have a minimum
or (iii) disposal of assets given for securing the net owned fund (NOF) of Rs 300 crore.
Existing ARCs with NOF of Rs 100 crore as

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 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

on October 11, 2022 have been allowed to the previous quarter, and (iv) a net profit in last two
raise it to Rs 300 crore by March 31, 2026. financial years. It is not mandatory for small
ARCs acting as resolution applicants under the finance banks to have an identified promoter. Any
Insolvency and Bankruptcy Code, 2016 must existing promoters must continue as promoters on
have a minimum NOF of Rs 1,000 crore. transitioning to a universal bank. Addition of new
promoters or change in promoters will not be
▪ Asset reconstruction: ARCs must frame a
allowed during the transition. Eligible small
board-approved policy for acquiring financial
finance banks with a diversified loan portfolio will
assets. This policy must be framed within 90
be preferred for transitioning to universal banks.
days of granting the registration certificate.
The policy should specify: (i) the norms and
procedure for acquisition, (ii) types and RBI revised directions for peer-to-peer
desirable profile of assets, and (iii) valuation lending platforms
procedure of assets acquired. ARCs may In August 2024, RBI revised the Non-Banking
formulate a plan for realisation of assets which Financial Company (NBFC) – Peer to Peer
could provide for: (i) a change in management Lending Platforms (Reserve Bank) Directions,
of the business of the borrower, (ii) 2017.35,36 A peer to peer (P2P) lending platform is
rescheduling debts payable by the borrower, or an intermediary providing loan facilitation services.
(iii) any debt to equity conversion. NBFC-P2P are engaged in the business of running
▪ Securitisation: The Securitisation and P2P lending platform. RBI noted that some of
Reconstruction of Financial Assets and these platforms had adopted practices which violate
Enforcement of Security Interest Act, 2002, the 2017 Directions. These include violating the
allows ARCs to issue security receipts (SRs) to prescribed funds transfer mechanism and
raise funds.30 It may also be issued to entities promoting peer to peer lending as an investment
in exchange for acquisition of financial assets. product with assured returns. Key changes include:
As per the Directions, ARCs must get their ▪ Credit risk: The 2017 Directions provide that
SRs rated within six months of the acquisition. an NBFC-P2P must not provide or arrange any
The rating should be based on recovery risk, credit enhancement or guarantee. The
i.e., how much can be recovered from the amendments added that they must not assume
acquired financial asset. any credit risk for transactions on their
platform. Loss of principal or interest must be
RBI amended regulatory framework for borne by lenders on the platform. Adequate
housing finance companies disclosures must be made to be lenders.
In August 2024, the Reserve Bank of India (RBI) ▪ Disclosure by platform: NBFC-P2P
amended the regulatory framework for housing platforms must disclose on their website the
finance companies (HFCs).31 HFCs are non- performance of their portfolio. This should
banking financial companies (NBFCs) with at least include the performance of non-performing
60% of their total assets constituting finance for assets. The amendments added that the
housing.32 RBI observed that deposit accepting disclosures must include all the losses borne by
HFCs are subject to more relaxed parameters lenders on principal and interest.
compared to deposit accepting NBFCs. As
▪ Investment products: The amended
regulatory concerns associated with deposit
directions prohibit NBFC-P2P platforms from
acceptance are the same across all categories of
promoting P2P lending as an investment
NBFCs, such HFCs will now be regulated in line
product with features such as tenure linked
with NBFCs.
assured minimum returns.
RBI released circular for transition of small ▪ Loan disbursal: Earlier, loans could not be
finance banks to universal banks disbursed unless recipient of the loan was
approved by the lender and all participants
In April 2024, The Reserve Bank of India (RBI) signed the loan contract. The amendments
released a circular to provide for the voluntary added that loans need lenders and borrowers to
transition of small finance banks to universal be matched/ mapped as per a policy approved
banks.33 Small finance banks: (i) facilitate savings by the board of the NBFC-P2P platform.
and (ii) provide credit to small business units, small
and marginal farmers, and other low-income SEBI approved changes to mutual fund and
groups.34 For transitioning into a universal bank,
asset management framework
small finance banks must meet certain conditions.
These include: (i) a satisfactory track record of The Securities and Exchange Board of India
performance for minimum five years, (ii) their (SEBI) approved the following changes related to
shares listed on a recognised stock exchange, (iii) a mutual funds:
minimum net worth of Rs 1,000 crore at the end of

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 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

▪ Approval for new mutual fund product: In investors (FPIs) had to make certain
September 2024, SEBI approved the disclosures if they held: (i) more than 50% of
introduction of a new investment product their Indian equity assets in a single corporate
under the current mutual fund framework.37 It group or (ii) equity assets worth over Rs
seeks to bridge the gap between mutual funds 25,000 crore in the Indian markets.41 These
and portfolio management services by offering disclosures relate to all entities holding any
greater flexibility in portfolio construction. It ownership, economic interest, or exercising
will have a minimum investment limit of Rs 10 control in the FPI. SEBI observed that equity
lakh per investor across products offered by a market trading volumes have more than
single asset management company. doubled from when these limits were set. The
Board approved increasing the disclosure
▪ Regulatory framework for passive mutual
threshold for FPIs from Rs 25,000 crore to Rs
funds: SEBI also approved a new regulatory
50,000 crore.
framework for passively managed mutual
funds in September 2024.37 Passive funds ▪ Disclosure by university funds: In June
follow a rule-based investment strategy and 2024, university funds and university related
provide negligible discretion regarding asset endowments that are eligible to be registered
allocation. The framework provides for as foreign portfolio investors (FPIs) were
relaxed criteria for the sponsors of a mutual exempted from providing additional
fund in terms of net worth, track record, disclosures.42 To avail this exemption,
profitability, and disclosures. following conditions must be met: (i) fund
must have less than 25% of its global assets as
▪ Mechanism to prevent market abuse by
Indian equity assets, (ii) its global assets must
asset management companies (AMCs): In
be more than Rs 10,000 crore, and (iii) it must
April 2024, SEBI mandated AMCs (such as
have filed appropriate tax returns in their home
mutual funds) to adopt institutional
jurisdiction to prove that it is a non-profit
mechanisms to identify and deter potential
exempt from tax.
market abuse.38 Such abuse could include
front-running and fraudulent transactions in ▪ Flexibility to invest in IFSC-based FPIs:
securities. Front-running is the practice of Earlier, contribution by a single non-resident
trading in securities based on information Indian (NRI), overseas citizen of India (OCI),
received ahead of other market participants. or resident Indian in foreign portfolio investors
The institutional mechanism will consist of (FPIs) could not exceed 25% of the total
enhanced surveillance systems, internal control corpus.43 Aggregate contribution by such
procedures, and process to identify and address investors were capped at 50% of the corpus. In
various types of misconduct. AMCs must also April 2024, SEBI approved a framework for
provide a mechanism for whistle-blowers who increasing contribution by NRI, OCI and
report misconduct. resident Indians in FPIs based out of
International Financial Services Centres
SEBI amended listing framework for small (IFSCs) to 100%.38 IFSCs cater to customers
and medium enterprises outside domestic jurisdiction.

In December 2024, SEBI approved amendments to Cross-border equity swaps permitted

the listing framework for small and medium
enterprises.39 Such entities can now list their shares In August 2024, the Ministry of Finance notified
only if they have an operating profit of one crore amendments to the Foreign Exchange Management
rupees. They must meet the profit threshold in two (Non-debt Instruments) Rules, 2019.44,45,46 The
out of three previous financial years at the time of 2019 Rules specify the framework for foreign
filing their listing prospectus. Listing will not be investments in India. The 2024 amendments
permitted where funds are being raised for allowed swap of equity instrument and equity
repayment of loan from promoter, promoter group, capital of Indian companies between an Indian
or any related party. resident and a person residing outside India. As per
the Ministry, this will facilitate global expansion of
SEBI approved various decisions related to Indian companies through mergers, acquisitions,
FPIs and other strategic initiatives.44 The amendments
also allowed 100% foreign investment in white
SEBI took several decisions related to regulation of label ATM operations under the automatic route.
foreign portfolio investors (FPIs). Key decisions White label ATMs are set up, owned, and operated
include: by non-banks. A non-bank entity seeking to set up
▪ Disclosures by FPIs: In March 2025, SEBI such ATMs must have a minimum net worth of Rs
increased the threshold for FPIs to make 100 crore at all times.
certain disclosures.40 Earlier, foreign portfolio

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 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

SEBI issued norms for sharing real time The scheme was approved for 2024-25 with a total
price data with third parties expected outlay of Rs 1,500 crore. It provides
incentive at the rate of 0.15% per transaction for
The Securities and Exchange Board of India payments up to Rs 2,000. The incentive is
(SEBI) issued a circular regarding norms for provided to small merchants.
sharing real time price data to third parties in May
2024.47 SEBI noted that certain online gaming Finance Ministry launched pension scheme
platforms provide virtual trading services or fantasy
for minors
games. Such games are based on movement of real
time share prices of listed companies. Some In September 2024, the Ministry of Finance
platforms also offer monetary incentives based on announced the National Pension System (NPS)
the performance of a virtual stock portfolio. As per Vatsalya scheme for minors.49 It is regulated and
the circular, market infrastructure institutions (such administered by the Pension Fund Regulatory
as stock exchanges) should not share real time price Authority of India (PFRDA). All minor citizens up
data with third parties. Data can be shared when to the age of 18 years can open an account. A
needed for orderly functioning of the securities minimum contribution of Rs 1,000 will be needed
market or meeting regulatory requirements. to open the account. Thereafter, a minimum annual
Market institutions or intermediaries must enter contribution of Rs 1,000 can be deposited in the
into an agreement with entities with whom they account. The account will be opened in the name
want to share real time price data. Such an of the minor and managed by their guardian till
agreement must specify the activities for which the adulthood. On completing 18 years of age, the
data is being shared along with the justification of NPS Vatsalya account will transition to a regular
it being needed for orderly functioning of the account under NPS.
securities market. Market price data can be shared
for investor education and awareness with a lag of SEBI approved framework for
one day. cybersecurity and AI
SEBI barred association with unregistered The Securities and Exchange Board of India
persons (SEBI) approved frameworks for cybersecurity and
use of artificial intelligence (AI) tools.
In June 2024, the Securities and Exchange Board of
India (SEBI) barred persons regulated by SEBI and ▪ Cybersecurity: In June 2024, SEBI approved
their agents from associating with any unauthorised the Cybersecurity and Cyber Resilience
Framework for SEBI regulated entities.42 It
person providing advice/ recommendation on
classifies regulated entities in categories based
securities.42 The Board noted that certain persons
on their span of operations, number of clients,
and unregulated entities are inducing investors to
trade volume, and assets under management.
deal in securities based on inappropriate claims.
Association implies any monetary transaction, The framework classifies data into regulatory
referral of client, and interaction of information data, and IT and cybersecurity data.
Regulatory data will have to be mandatorily
technology systems. These restrictions will not
localised while IT and cybersecurity data may
apply to association: (i) with persons who are
be stored outside India. All entities were to
exclusively engaged in investor education, and (ii)
adopt the framework by April 1, 2025.
through specified digital platform which does not
provide unauthorised advice related to return. ▪ Use of AI tools: In December 2024, SEBI
introduced a framework for use of artificial
SEBI increased scope of same-day intelligence tools by regulated entities such as
settlement of securities stock exchanges and clearing corporations.39
These entities will be solely responsible for:
In September 2024, SEBI increased the scope of
(i) privacy, security, and integrity of investors’
the optional same-day settlement cycle for
data, (ii) output generated from AI tools, and
securities. The securities for same day settlement
(iii) compliance with applicable laws.
will be increased from 25 to top 500 companies
based on market capitalisation in a phased manner.
Same-day settlement will co-exist with the current
next-day (T+1) settlement cycle.

Cabinet approves incentive scheme for

promotion of low-value UPI transactions
In March 2025, the Union Cabinet approved an
incentive scheme for promotion of low-value
BHIM-UPI transactions for person to merchant.48

8
 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

Corporate Affairs regulated the manufacturing, installation, use, and

repair of boilers and boiler components to ensure
Guidelines released for pilot of Prime safe operation. The Bill retained all provisions of
Minister’s internship scheme the Act. The Statement of Objects and Reasons to
the Bill stated that the Bill aimed to enhance clarity
In October 2024, the Ministry of Corporate Affairs of the provisions.
released the guidelines for the Prime Minister’s
Internship Scheme – Pilot Project.50 The scheme For a PRS analysis of the Bill, see here.
was announced in the Budget for 2024-25 and aims
to provide internships to one crore youth in five Parliament passed the Oilfields (Regulation
years. A pilot project of the scheme was launched and Development) Amendment Bill, 2024
for 2024-25 with a target of providing 1.25 lakh
internships. Key features of the guidelines include: In March 2025, the Oilfields (Regulation and
Development) Amendment Bill, 2024 was passed
▪ Criteria for companies: For offering by Parliament.52 It was introduced in August 2024.
internships, top 500 companies were selected The Bill amends the Oilfields (Regulation and
based on their average expenditure on Development) Act, 1948. The Act regulates the
corporate social responsibility (CSR) over the exploration and extraction of natural gas and
last three years. Other companies can petroleum. The Bill expanded the definition of
participate under the scheme with approval mineral oils to include: (i) any naturally occurring
from the Ministry. hydrocarbon, (ii) coal bed methane, and (iii) shale
▪ Duration: The internship duration must be for gas/oil. It clarified that mineral oils will not
12 months. At least half of this must be spent include coal, lignite, or helium.
in actual working experience/job environment. For PRS summary of the Bill, see here.
▪ Eligibility for internship: Candidates aged
between 21 and 24 years are eligible to get Financial thresholds for classification of
internships. They should not be employed full- MSMEs revised
time or engaged in full-time education. In March 2025, the Ministry of Micro, Small and
However, candidates enrolled in Medium Enterprises (MSMEs) amended the
online/distance learning programmes are investment and turnover thresholds for classifying
eligible to apply. Other ineligible candidates MSMEs.53,54 It increased threshold across
include: (i) graduates from institutions such as categories (Table 5).
IITs, IIMs, and National Law Universities, (ii)
those with professional qualifications or a Table 5: Revision in investment and turnover
master’s degree, and (iii) those belonging to limits for MSMEs
families with annual income exceeding eight Original (Rs crore) Revised (Rs crore)
lakh rupees in 2023-24. Size
Investment Turnover Investment Turnover
▪ Benefits to interns: Interns will be paid Micro 1 5 2.5 10
monthly assistance of Rs 5,000. The company Small 10 50 25 100
will release Rs 500 each month from their CSR
funds. Following this, the central government Medium 50 250 125 500
will pay the remaining Rs 4,500 to the Source: Ministry of Micro, Small, and Medium Enterprises,
March 21, 2025; PRS.
candidate. Interns will also receive a one-time
grant of Rs 6,000 from the central government The revised criteria came into force from April 1,
on joining the internship location. 2025.
▪ Use of CSR funds: Companies will bear the
cost of training the interns from their CSR
Cabinet approved electronics component
funds. Further, up to 5% of CSR expenditure manufacturing scheme
incurred under the scheme may be classified as In March 2025, the Union Cabinet approved an
administrative costs by the company. Electronics Component Manufacturing Scheme
with a funding of Rs 22,919 crore.55 This scheme
aims to attract both global and domestic
investments in manufacturing. It aims to increase
Commerce and Industry domestic value addition and connect Indian
companies with global value chains. The scheme
Parliament passed Bill to replace the Boilers provides various incentives for different categories
Act, 1923 of components.
In March 2025, the Boilers Bill, 2024 was passed
by Parliament.51 The Bill was introduced in August
2024. It replaced the Boilers Act, 1923. The Act

9
 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

Cabinet approved new industrial nodes mills which supply at least 75% of ethanol from the
under the National Industrial Corridor converted plants to Oil Marketing Companies for
Development Programme blending with petrol. For availing benefits, an
application must be submitted within six months of
In August 2024, the Union Cabinet approved notifying the scheme.
development of new industrial nodes under the
National Industrial Corridor Development Cabinet approved policy to boost high
Programme.56 Under the programme, 11 industrial performance biomanufacturing
corridors are being developed across the country.57
The newly approved industrial nodes will be In August 2024, the Union Cabinet approved the
located in following areas: (i) Khurpia, ‘BioE3 Policy for Fostering High Performance
Uttarakhand, (ii) Rajpura-Patiala, Punjab, (iii) Biomanufacturing’.63 Biomanufacturing uses
Dighi, Maharashtra, (iv) Palakkad, Kerala, (v) Agra biological systems of living organisms for
and Prayagraj, Uttar Pradesh, (vi) Gaya, Bihar, (vii) production. The Policy aims to accelerate green
Zaheerabad, Telangana, (viii) Orvakal and growth by promoting biomanufacturing. High
Kopparthy in Andhra Pradesh, and (ix) Jodhpur- performance biomanufacturing is defined as the
Pali in Rajasthan. These will be developed as new ability to produce a wide range of products and
smart industrial cities. The total estimated address farming and food challenges through
investment in these new industrial nodes is Rs advance bio-technology.
28,602 crore.
The policy provides innovation-driven support for
R&D and entrepreneurship across sectors such as:
Commerce Ministry introduced scheme (i) climate resilient agriculture, (ii) high value bio-
allowing duty free import of diamonds based chemicals, (iii) marine and space research,
In January 2025, the Ministry of Commerce and and (iv) biopolymers and enzymes. It will facilitate
Industry introduced the Diamond Imprest the establishment of Biomanufacturing and Bio-AI
Authorisation Scheme.58 The scheme allows duty- hubs and Biofoundry. Biofoundry is a laboratory
free import of natural cut and polished diamonds of that uses automation in biomanufacturing.64
less than 1/4th carat. To be eligible for the scheme,
beneficiaries must have exported at least: (i) USD Cabinet approved Rs 1,000 crore funding
15 million worth cut and polished diamonds for space-based startups
annually for the last three years, and (ii) USD 25
million worth goods annually.59 They must also In October 2024, the Union Cabinet approved
have filled Income Tax and GST returns for the last setting up of Rs 1,000 crore venture capital fund to
three years.60 To avail duty free imports, support space-based startups.65 This fund is being
beneficiaries must add at least 10% value to the set up by the Indian National Space Promotion and
imported diamonds before exporting. Authorisation Centre (INSPACe). INSPACe was
created by the government in 2020 to promote and
The scheme aims to incentivise manufacturers to oversee private sector participation in space
retain their operations in India. It also intends to activities. The fund would be deployed over a five-
enhance export competitiveness of Indian diamond year period starting from 2025 to 2030, with an
manufacturers. The scheme is being implemented annual deployment of Rs 150-200 crore. The
from April 1, 2025. indicative range of investment in startups is
between Rs 10-60 crore. Growth stage companies
Modified ethanol interest subvention can expect investment in the Rs 10-30 crore band.
scheme notified Late growth stage companies that have shown
significant progress, can attract investments in the
In March 2025, the Ministry of Food and Public Rs 30-60 crore band. This fund is expected to
Distribution notified a scheme for cooperative benefit around 40 spaced based startup companies.
sugar mills to increase production and supply of Key objectives of this fund include: (i) infusion of
ethanol.61 Under the scheme, financial assistance capital to create a multiplier effect for further
will be extended to cooperative sugar mills for investment, (ii) retention of space companies
conversion of sugarcane-based feedstock ethanol domiciled in India, and (iii) accelerate private
plants to multi-feedstock based plants.62 Multi- sector participation in Indian space sector.
feedstock based plants use inputs like maize and
damaged foodgrains, in addition to sugarcane to
produce ethanol.62 Cooperative sugar mills will be
offered interest subvention of 6% per annum or
50% of the interest, whichever is lower, with the
subsidy being covered by the central government
for a period of five years. The scheme will be
made available to only those cooperative sugar

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 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

Mines schedule, and (iv) estimates of mine waste and

their disposal.
Supreme Court upheld states’ power to tax
▪ Safety Measures: Buffer zones of 15 seconds
mines and minerals (distance unit) shall be created between
The Supreme Court upheld states’ power to tax adjacent mining blocks to ensure safety. No
mineral bearing lands.66 In India, mines and mining operations or waste disposal shall be
minerals are primarily regulated by the Mines and carried out within one nautical mile from the
Minerals (Development and Regulations) (MMDR) low tide line of the seashore. Licencees must
Act, 1957.67 ensure: (i) soundness of machinery, (ii)
appropriate qualifications of working
The Court examined whether: (i) royalty collected individuals, (iii) adequate manpower, and (iv)
on mining activities under the MMDR Act qualifies proper maintenance of vessels.
as a tax, (ii) states’ power to tax land and building
extends to mineral bearing land, and (iii) the ▪ Safety and precautionary measures:
Parliament can limit the state legislature’s powers Licencees must conduct mining operations by
to impose taxes on mines and minerals. The Court taking adequate precautions against: (i)
held that royalty is not a tax. It is a payment that sedimentation on the seabed, (ii) air pollution,
arises out of the contractual obligation to enjoy and (iii) damage to historical or archaeological
mineral rights. objects found offshore. Licencees must ensure
offshore operations are conducted with the
The Court also held that the power of states to tax least amount of damage to the marine
mineral rights cannot be superseded by powers of environment, and to plant and animal life.
Parliament to regulate the sector. Under the
Constitution, states’ powers to tax mineral rights ▪ Penalties: Contravention of certain Rules are
can be limited by an Act of Parliament.68 The punishable with imprisonment of up to five
Court noted that the MMDR Act, 1957 does not years, a fine between 50 lakhs to one crore
restrict the state’s ability to collect taxes. rupees, or both. These include offences such
as: (i) commencing exploration or production
The Court also held that states’ power to tax land without approved plans, (ii) failure to comply
extends to mines and quarries. Such lands can be with inspection of exploration or production
taxed based on mineral value or produce. It also operations, (iii) mining in the 15 second barrier
stated that the Parliament cannot limit states’ zone, (iv) failure to comply with pollution
powers to tax mineral bearing lands. norms, and (v) discharge of untreated waste
into sea.
Environment Ministry notified Rules
regarding exploration and production ▪ Appeals: Licencees may make appeals against
orders of the approving authority to the centre.
operations in offshore areas
These must be made within three months from
The Ministry released the Offshore Areas Mineral the date of the order. Appeals made after three
Conservation and Development Rules, 2024 in months may be accepted conditionally.
December, 2024.69 The Offshore Areas Mineral
(Development and Regulation) Act, 2002 Rules notified for Offshore Areas Mineral
empowers the central government to make Rules Trust and auction of offshore areas
on the conditions to be followed during exploration minerals
and production operations in offshore areas.70 Key
features of the Rules include: The Ministry of Mines notified the Offshore Areas
Mineral Trust Rules, 2024 and the Offshore Areas
▪ Requirement of plans: Bidders selected for a Mineral (Auction) Rules, 2024 in August 2024.
composite licence (combination of exploration These have been issued under the Offshore Areas
and production licence), must submit: (i) an Mineral (Development and Regulation) Act,
exploration plan, and (ii) a production plan 2002.71,72,73 The Rules provide for: (i) composition
before commencing the respective operations. and functioning of the Offshore Areas Mineral
The Controller General or an officer of the Trust, and (ii) auction of production and composite
Indian Bureau of Mines will evaluate and leases for minerals in offshore areas. Key features
approve these plans. An exploration plan must of the Rules include:
include: (i) the licence area in latitudes and
longitudes, (ii) details of the exploration ▪ Auction for leases and bidding parameters:
programme, (iii) tentative timeline, and (iv) Production and composite licences will be
details of vessels and machines used. A awarded through auction. Composite licence is
production plan must include: (i) the specific a two-stage licence providing for both
area planned for production, (ii) details of the exploration and production. For both
production programme, (iii) tentative five-year production and composite licences, the
preferred bidder will also have to pay a

11
 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

performance security. If the composite licence Table 7: MSP for rabi crops for Marketing
holder fails to complete exploration within the Season 2025-26 (in Rs per quintal)
specified time period, it won’t be eligible for MSP MSP
Crops change
carrying out production. Performance security 2024-25 2025-26
will be revised for composite licence holders Wheat 2,275 2,425 6.6%
eligible for production lease. Barley 1,850 1,980 7.0%
▪ Rate of contribution to the Offshore Areas Gram 5,440 5,650 3.9%
Mineral Trust: Production lease holders must Lentil (Masur) 6,425 6,700 4.3%
pay an amount equivalent to 10% of the royalty Rapeseed and
5,650 5,950 5.3%
as a contribution to the Offshore Areas Mineral Mustard
Trust Fund. Safflower 5,800 5,940 2.4%
Sources: Press Information Bureau; PRS.

Cabinet approved continuation of schemes

Agriculture to prevent volatility in prices
Cabinet approved support prices for crops In September 2024, the Union Cabinet approved
continuation of schemes under the Pradhan Mantri
In June 2024, the Union Cabinet approved the Annadata Aay Sanrakshan Abhiyan (PM-
minimum support prices (MSP) for kharif crops for AASHA).77 These schemes included: (i) Price
the marketing season 2024-25.74 Kharif crops are Support Scheme, (ii) Price Stabilisation Fund, (iii)
grown and harvested between June-October. MSP Price Deficit Payment Scheme, and (iv) Market
for rabi crops for the 2025-26 marketing season Intervention Scheme. The government has
(July to June) was approved in October 2024.75 estimated total outlay for these schemes till 2025-
MSP refers to the assured price at which the central 26 to be Rs 35,000 crore.
government procures crops from farmers.76
Under the Price Support Scheme for notified
MSP for Kharif crops pulses, oilseeds, and copra, the Centre has decided
Table 6: MSP for Kharif crops for 2024-25 to procure 25% of national production at minimum
marketing season (in Rs per quintal) support price from 2024-25 onwards. The Centre
Crops 2023-24 2024-25 change has also enhanced government guarantee for
procurement of these crops to Rs 45,000 crore. To
Paddy (common) 2,183 2,300 5%
encourage states to implement Price Deficit
Jowar (hybrid) 3,180 3,371 6%
Payment Scheme for notified oilseeds, the Centre
Bajra 2,500 2,625 5% has increased support by enhancing coverage of the
Ragi 3,846 4,290 12% scheme from 25% to 40% of state production of
Maize 2,090 2,225 6% oilseeds. Under the Market Intervention Scheme,
Tur/Arhar 7,000 7,550 8% the support has been increased from 20% to 25% of
Moong 8,558 8,682 1% production for perishable horticulture crops such as
Urad 6,950 7,400 6% onion and tomatoes.
Groundnut 6,377 6,783 6%
Sunflower seed 6,760 7,280 8% Cabinet approved Nutrient Based Subsidy
Soybean (yellow) 4,600 4,892 6% rates on fertilisers
Sesamum 8,635 9,267 7% Rabi Season
Nigerseed 7,734 8,717 13%
In September 2024, the Union Cabinet approved
Cotton (medium staple) 6,620 7,121 8% Nutrient Based Subsidy (NBS) rates for phosphatic
Sources: Press Information Bureau; PRS.
and potassic (P&K) fertilisers for the Rabi season
The MSP for paddy was increased by 5% and by 2024 (October 2024 to March 2025).78 The
8% for pulses like tur. Crops like Nigerseed (13%) budgetary requirement for the subsidy was
and Ragi (12%) saw the largest increase in MSP estimated to be around Rs 24,476 crore.
over 2023-24.
Kharif Season
MSP for Rabi crops
In March 2025, the Union Cabinet approved the
MSP for wheat was increased by 6.6%. The NBS rates for the 2025 Kharif Season (April 1 to
highest increase in MSP was in Barley (7%). September 30) for P&K fertilisers.79 The subsidy is
provided on the approved fertiliser rates. The
expenditure on NBS subsidy for the Kharif season
2025 was estimated at Rs 37,216 crore.

12
 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

Cabinet approved programme for access to cooperatives. The guarantee cover ranges from
high-quality planting material 75% to 85%, depending on the loan amount and the
type of borrower.
The Union Cabinet approved the Clean Plant
Programme under the Mission for Integrated Cabinet approved mission for oilseeds
Development of Horticulture in August 2024.80, 81
production
The programme aims to provide high-quality and
virus-free planting material to farmers. This is The Union Cabinet approved the National Mission
expected to increase crop yields and improve on Edible Oils – Oilseeds (NMEO-Oilseeds) in
income opportunities. Under the programme, nine October 2024.85 The Mission will be implemented
Clean Plant Centres will be set up across India with a proposed allocation of Rs 10,103 crore
focusing on specific fruit types. These centres will between 2024-25 to 2030-31. It aims to increase
be equipped with advanced diagnostic and production of primary oilseed crops from 39
therapeutic facilities. To ensure accountability in million tonne in 2022-23 to 70 million tonne by
production and sale of planting material, a 2030-31. These include Rapeseed-Mustard,
certification system will be established under the Groundnut, Soybean, Sunflower, and Sesamum.
Seeds Act, 1966. To facilitate the multiplication of Domestic edible oil production in 2023-24 is
clean planting materials, infrastructure support will estimated to be 12 million tonne.86 Along with
be provided to large-scale nurseries. NMEO – Oil Palm, this mission targets to increase
domestic edible oil production to 25 million tonne
The programme aims to address the diverse agro-
by 2030-31. This increase in domestic production
climatic conditions across regions by developing
is expected to cover 72% of India’s projected
region-specific clean plant varieties and
requirement by 2030-31. 65 new seed hubs and 50
technologies. The programme has an estimated
seed storage units will be setup in the public sector
outlay of Rs 1,766 crore and is being implemented
to improve seed production infrastructure.
by the National Horticulture Board, in association
with Indian Council of Agricultural Research.
Cabinet approved expansion of Agriculture
Cabinet approved launch of National Infrastructure Fund
Mission on Natural Farming The Union Cabinet approved the expansion of the
financing facility under the Agriculture
In November 2024, the Union Cabinet approved
Infrastructure Fund (AIF) in August 2024.87 All
the National Mission on Natural Farming as a
eligible beneficiaries of the scheme will be allowed
centrally sponsored scheme. It has an outlay of Rs
to create infrastructure under projects for building
2,481 crore until 2025-26.82
community farming assets. Integrated primary
The Mission aims at promoting natural farming secondary processing projects will be included in
methods such as chemical free farming, farming the list of eligible activities under AIF. AIF credit
using local livestock methods, and diversified crop guarantee coverage of Farmer Produce
systems. In 2024-25 and 2025-26, the scheme will Organisations will be extended through the
be implemented in 15,000 clusters in gram NABSanrakshan Trustee Company Pvt. Ltd. The
panchayats. The scheme aims to cover one crore AIF was launched in 2020 and additional storage
farmers and an area of 7.5 lakh hectares. capacity of 500 lakh tonnes has been created for
agricultural produce under the fund.
Credit guarantee scheme for warehousing
receipt-based pledge financing launched Cabinet approved rationalisation of
schemes for sustainable agriculture and
The Ministry of Consumer Affairs, Food, and
Public Distribution launched the Credit Guarantee food security
Scheme for e-NWR based pledge financing (CGS- In October 2024, the Union Cabinet approved the
NPF).83 An electronic negotiable warehousing rationalisation of all existing centrally sponsored
receipt (e-NWR) is issued for commodities kept in schemes under the Ministry of Agriculture and
warehouses accredited by the Warehousing Farmers Welfare into two umbrella schemes: (i)
Development and Regulatory Authority. Pradhan Mantri Rashtriya Krishi Vikas Yojana
Farmers/traders can use the e-NWR to avail loans (PM-RKVY), and (i) Krishonnati Yojana.88
against the commodities.84
The PM-RKVY will be implemented with an
The new scheme provides a guarantee cover for the outlay of Rs 57,075 crore to promote sustainable
loans availed against e-NWR. It has a total corpus agriculture. Some of the schemes under PM-
of Rs 1,000 crore and will cover loans up to Rs 75 RKVY include: (i) Soil Health Management, (ii)
lakh for agricultural purposes and up to two crore Rainfed Area Development, (iii) Agro Forestry,
rupees for non-agricultural purposes. Eligible and (iv) Agricultural Mechanisation. State
borrowers include: (i) small and marginal farmers, governments will have the flexibility to reallocate
(ii) women/SC/ST/PwD famers, and (iii) farmer

13
 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

funds from one component to another as per their regulations and quality of service regulations for
requirements. broadcasters.91,92,93 In August 2023, TRAI had
released a consultation paper seeking a review on
The Krishonnati Yojana will be targeted at
the regulatory framework for broadcasters.94 Key
achieving food security for self-sufficiency with a
features of the amended regulations include:
proposed outlay of Rs 44,247 crore.
▪ Tariff changes: Broadcasters charge Network
Cabinet approved continuation of supply of Capacity Fees (NCF) from subscribers, which
free fortified rice under PMGKAY was capped at Rs 130 for the first 200 channels
and at Rs 160 on more than 200 channels.
In October 2024, the Union Cabinet approved the This ceiling has been removed. The new NCF
continuation of supply of free fortified rice under must be published on the broadcaster’s
all welfare schemes including the Pradhan Mantri website. Distribution Platform Operators
Garib Kalyan Anna Yojana.89 The free supply has (DPOs) can now offer discounts of up to 45%
been extended from July 2024 to December 2028. on bouquets of channels. DPOs bundle and
Rice fortification involves adding rice kernels package content from various broadcasters.
enriched with micronutrients to regular rice. It will Such discounts were earlier limited to 15%.
be implemented as a central sector scheme funded
by the Union government. ▪ Penalties: The amended regulatory
framework also provides for financial penalties
Guidelines for National Mission on Natural for contravention of provisions. Penalties
range up to one lakh rupees, and depend on the
Farming released
nature of the violation and the size of the
The Ministry of Agriculture and Farmers Welfare broadcaster. For instance, non-declaration of
notified the guidelines for the National Mission on the MRP of channels can attract a fine of up to
Natural Farming in December 2024.90 The Mission Rs 25,000 for the first offence.
aims to promote sustainable systems of farming
▪ Change in carriage fees: The method for
and improve soil health. It aims to initiate natural
calculating carriage fees has been simplified.
farming in 7.5 lakh hectare of land by 2026. Key
For instance, there is no longer a distinction
features of the guidelines include:
between standard and high-definition (HD)
▪ Priority Areas: The Mission will be channels. Earlier, HD channels attracted
implemented in areas such as: (i) regions of higher carriage fees.
five kilometre corridor along river Ganga, (ii)
▪ Quality of Service (QoS) amendments: The
districts on the banks of major rivers, (iii)
regulatory framework amends various QoS
districts with high and low fertiliser input sale
standards. Charges for services such as
in states, and (iv) districts with tribal areas.
installation, activation and relocation have
▪ Training: The Mission aims to create a been deregulated. DPOs must publish these
support ecosystem for farmers to transition to charges clearly to subscribers. Platform
natural farming. This will include training for services offered by DPOs must be categorised
farmers. Training will be extended through: separately on the electronic programming
(i) Centres of Natural Farming, (ii) Krishi guide. Platform services are programs
Vigyan Kendras, (iii) State Agricultural transmitted exclusively to subscribers by
Universities, and (iv) Local Natural Farming DPOs. The maximum retail price for each
Institutions. In addition, 2,060 natural farming platform service must also be displayed.
model demonstration farms will be set up. The Certain compliances have also been relaxed for
Mission will also deploy 30,000 community DPOs having less than 30,000 subscribers,
resource persons (or Krishi Sakhis) for scaling including: (i) having a website, (ii) maintaining
up of natural farming practices. a manual of practice, and (iii) having a
consumer corner.
The National Institute of Agricultural Extension
Management will work towards capacity
development of scientists and officials.

Media and Broadcasting

TRAI amended regulatory framework for
broadcasting and cable services
In July 2024, the Telecom Regulatory Authority of
India amended the tariff order, interconnection

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 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

Infrastructure
Communications and IT TRAI released recommendations on
TRAI released recommendations on sharing regulatory sandbox
of telecom infrastructure and spectrum In April 2024, TRAI released recommendations on
The Telecom Regulatory Authority of India (TRAI) regulatory sandboxes for the telecom sector. It also
released its recommendations on ‘Telecom proposed a framework for encouraging innovative
Infrastructure Sharing, Spectrum Sharing, and technologies and business models through the use
Spectrum Leasing’ in April 2024.95 Telecom of regulatory sandboxes.96 A regulatory sandbox
infrastructure is broadly divided into passive and refers to a test environment that mimics actual
active infrastructure. Passive infrastructure refers scenarios. Companies are exempt from certain
to non-electronic infrastructure (such as towers, compliances and regulations in a sandbox. They
buildings and poles), and active infrastructure may test products or services on a limited set of
refers to electronic infrastructure (such as radios users. Key recommendations of TRAI include:
and transceivers). Spectrum is a band of radio ▪ Scope and eligibility: New digital
frequency used for telecommunication. Key communication services or technologies
recommendations include: needing live or controlled testing can be tested
▪ Infrastructure sharing: TRAI has in a regulatory sandbox. Permissions to utilise
recommended that telecom service licensees the sandbox will be valid up to 12 months and
should be allowed to share all types of passive may be extended. All Telecom Service
and active infrastructure. Passive Providers (TSP) will be eligible to provide
infrastructure may be shared with all types of their network for regulatory sandboxes.
licensees, however, active infrastructure may ▪ Regulation and oversight: The oversight of
only be shared based on the scope of the regulatory sandboxes will be carried out by a
services offered. Currently, licensees can body created in the National
share passive infrastructure and certain Telecommunications Institute for Policy
specified active infrastructure (such as Research, Innovation, and Training.
antennas and transmission systems). The Permission for utilising the sandbox will be
Department of Telecommunications (DoT) granted by the Department of
designates certain equipment as core network Telecommunications.
elements. Sharing of core network elements
will not be allowed if there will be less than ▪ Funding for projects: Projects utilising the
two independent core networks after sharing. regulatory sandbox may be funded through the
Universal Service Obligation Fund (now the
TRAI recommended mandatory sharing of Digital Bharat Nidhi). Applicants must
government-funded passive infrastructure. indicate funding sought in their application.
This includes infrastructure built using the However, projects not seeking government
Universal Service Obligation Fund (now the funding will have a higher chance of approval.
Digital Bharat Nidhi). Other types of
infrastructure, such as interception systems, Amendments to the Aadhaar
may be shared after permission from the DoT.
Authentication for Good Governance Rules,
▪ Spectrum sharing and leasing: TRAI has 2020 notified
recommended that access providers should be
allowed to share and lease spectrum. Certain In January 2025, Ministry of Electronics and
restrictions have also been recommended. Information Technology notified amendments to
These include: (i) a two-year lock-in period the Aadhaar Authentication for Good Governance
before spectrum sharing or leasing, and (ii) a (Social Welfare, Innovation, Knowledge) Rules,
limit on the number of entities with which 2020.97,98 The Rules have been framed under the
spectrum can be shared or leased (one Aadhaar Act of 2016.99 Key features of the
additional provider per spectrum band). amendments are:
Revenue received from sharing or leasing ▪ Purposes for which Aadhaar authentication
spectrum will be considered a part of overall may be permitted: Under the Rules, the
revenue for determining various levies by the central government may allow Aadhaar
government. The government will also levy a authentication for these purposes: (i) to
fee of 0.5% of the value of spectrum shared. prevent dissipation of social welfare benefits,
(ii) to use digital platforms to ensure good
governance, and (iii) to enable innovation and
the spread of knowledge. The amendments
add that the central government may also allow

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 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

Aadhaar authentication for the purpose of energy refers to generation of electricity through
‘promoting ease of living of residents and wind turbines installed in the water bodies, usually
enabling better access to services for them’. at sea. Viability gap funding refers to financial
support for projects that may be economically
▪ Requesting entities: The Rules provide that a
justified but fall short of financial viability.104
Department/Ministry of the central or state
government may submit a proposal to the The scheme will support installation of a total of
central government for using Aadhaar one gigawatt capacity, comprising 500 MW each
authentication. The central government will off the coast of Gujarat and Tamil Nadu. These
refer this proposal to the Unique Identification two projects are estimated to generate 3.7 billion
Authority of India (UIDAI) for their units of electricity annually. The total support for
recommendation. Subsequently, the central these projects is expected to be Rs 6,853 crore. For
government authorises the use of Aadhaar establishing the wind energy projects, private
authentication by the entity. developers will be selected through a bidding
process. In addition, Rs 600 crore will be provided
The amendments add that any other entity may also
for upgradation of nearby ports. Development of
submit a proposal for using Aadhaar authentication.
ports will help in meeting logistical requirements
Such a proposal must be for the specified purposes,
for the wind energy projects.
and in the interest of the State.
Operational Guidelines for implementation
'Model Solar Village’ issued
Electricity In August 2024, Ministry of Power notified the
scheme guidelines for implementing the ‘Model
CERC notified new Regulations for grant of Solar Village’ component of the PM-Surya Ghar
inter-state transmission licences Muft Bijli Yojana.105 It aims to solarise one village
In June 2024, Central Electricity Regulatory per district. Each model village will receive
Commission (CERC) notified the CERC assistance of one crore rupees from the centre.
(Procedure, Terms and Conditions for Grant of The Model Solar Village will be identified through
Transmission Licence and Other Related Matters) a competition between villages of each district.
Regulations, 2024.100 These replace the Only revenue villages with a population over 5,000
Regulations issued on this subject in 2009.101 The (or 2,000 in special category states) can compete.
2024 Regulations provide a framework for grant Eligible villages will be identified by a District
and administration of licences for inter-state Level Committee.
transmission of electricity. Key changes under the
2024 Regulations include: Villages will be evaluated based on the renewable
energy capacity installed within six months after all
▪ Exemption for certain purposes: eligible villages for the competition are declared.
Distribution licencees and bulk consumers will After a Model Solar Village is selected, states must
not need a licence to develop and operate develop a plan for transitioning it into a solar
transmission lines that connect their systems to powered village.
the inter-state transmission system. Bulk
consumers refer to consumers who avail Amendments to guidelines on cross-border
supply at the voltage of 33 kV or above.100,102
trade of electricity notified
The 2009 Regulations did not grant such
exemption to these entities. In August 2024, Ministry notified guidelines on
cross-border trade of electricity. The Ministry of
▪ Authorisation for additional works under
Power amended the 2018 Guidelines on cross
existing licences: Under the 2009
border trade of electricity.106,107,108 These
Regulations, for undertaking certain additional
guidelines provide for import and export of
transmission works subsequent to the grant of
electricity between India and its neighbouring
a licence, fresh licences had to be issued. The
countries. Key Features of the amendments are:
2024 Regulations provide for the inclusion of
such additional works under an existing ▪ Source of fuel for export of electricity from
licence. A licencee may apply to CERC to coal and gas: Under the 2018 guidelines,
amend the existing licence for this purpose. Indian generation and distribution companies
may export electricity generated from coal,
Cabinet approved viability gap funding for gas, renewable sources, or hydropower to
offshore wind energy projects neighbouring countries. In case of coal and
gas, electricity must be generated using
In June 2024, Union Cabinet has approved a imported fuel. Additionally, in case of coal,
scheme to provide for viability gap funding to coal from spot auction or commercial mining
offshore wind energy projects.103 Offshore wind (without specified end-use) may also be used.

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 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

The amendments empower the central the Technology Agnostic pathway. For the
government to permit additional fuel sources bio-mass based pathway, the bidder's net worth
for export of coal and gas-based electricity. should be greater than Rs 1.5 crore per
thousand MT per annum of the quoted
▪ Domestic sale by export-oriented entities:
production capacity.
The amendments allow the Indian generators
that exclusively export electricity to also sell
their output domestically under certain
conditions. The central government may
provide permission for this in case of: (i) Petroleum
sustained non-scheduling of full or part Cabinet approves modifications in Pradhan
capacity, or (ii) issuance of notice by the
generator for default on payment.
Mantri JI-VAN Yojana
In August 2024, Cabinet has approved
Guidelines issued for implementing modifications to the Pradhan Mantri JI-VAN
incentive scheme for Green Hydrogen Yojana. The scheme supports development of
Production advanced bio-fuel technologies, such as second-
generation ethanol. Revisions to the scheme extend
In July 2024, Ministry of New and Renewable its implementation by five years (till 2028-29).
Energy issued guidelines for implementing the The scheme has also been expanded to support
“Incentive Scheme for Green Hydrogen Production projects that use feedstock such as agricultural and
(under Mode 1)- Tranche-II”.109 This scheme is a forestry residues, industrial waste, and algae.
component of the Strategic Interventions for Green
Hydrogen Transition Programme (SIGHT). The
programme provides financial incentive
mechanisms to boost the domestic manufacturing
of electrolysers and green hydrogen in India.
Railways
The Scheme aims to maximise production and The Railways (Amendment) Bill, 2024
increase cost-competitiveness of Green Hydrogen passed by Parliament
as a fuel. Under Tranche-I of the scheme, 4,12,000 The Railways (Amendment) Bill, 2024 was passed
metric tons of capacity has already been allocated by Parliament in March 2025. The Bill repeals the
to 10 companies for Green Hydrogen Production.110 Railway Board Act, 1905 and incorporates its
The Guidelines provide a framework for selecting provisions into the Railways Act, 1989. 112,113
beneficiaries for the second tranche of the incentive
scheme. Key features of the Guideline include:111 For a PRS analysis of the Bill, see here.
▪ Structure of Scheme: The second tranche
allocates production capacity of 4,50,000 MT
(Metric tonnes) of Green Hydrogen. This will
be achieved in two ways - 40,000 MT will be Civil Aviation
produced through biomass-based pathway and The Bharatiya Vayuyan Vidheyak, 2024
4,10,000 MT will be produced though through
passed by Parliament
technology agonistic (using electrolysis)
pathway. Production capacity will be The Bharatiya Vayuyan Vidheyak, 2024 was
distributed through bidding. passed by Parliament in December 2024.114 The
Bill was introduced in July 31, 2024. The Act
▪ Incentive for Production: The minimum bid
replaces the Aircraft Act, 1934. The Bill retains
for production through agnostic pathways is
the regulatory structure and most of the provisions
10,000 MT while maximum bid allowed is
under the 1934 Act. Key changes include:
90,000 MT. For production through biomass
pathways, the bid should be between 500 MT ▪ Authorities: It sets up three authorities: (i) the
and 4,000 MT. A bidder can bid for both Directorate General of Civil Aviation (DGCA)
pathways. The maximum incentive for the for performing regulatory functions and
first year is Rs 50/Kg, for the second year Rs overseeing safety, (ii) the Bureau of Civil
40/Kg and for the third year Rs 30/Kg. Bids Aviation Security (BCAS) for overseeing
for three years will be averaged and the bidder security, and (iii) the Aircraft Accidents
with the least incentive demanded will be Investigation Bureau for investigation of
allotted the production capacity. aircraft accidents. The centre may issue
directions to these authorities and also review
▪ Eligibility of bidder: In order to participate in
their orders, if necessary, in public interest.
the bidding process, the bidder's net worth
must exceed Rs 15 crore per thousand MT per ▪ Regulation of aircraft design: The Act
annum of the quoted production capacity under regulates various activities related to aircrafts

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 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

including manufacturing, possession, use, which: (i) jeopardises safety of an aircraft, an

operation, and trade. The Bill retains these, and airport, or a civil aviation facility, (ii) causes
also provides for the regulation of aircraft panic among passengers, crew, ground
design. personnel, or the general public, or (iii)
disrupts civil aviation operations.
▪ Appellate mechanism: The Act empowers
the central government to designate an officer ▪ Penalties: Contravention of above provisions
to adjudicate penalties. Decisions of the will be punishable with a civil penalty of one
Adjudicating Officer may be appealed before lakh rupees for individuals, and between Rs 50
an Appellate Officer. The Bill adds one more lakh and one crore rupees for organisations.
level of appeal. The appeal against decisions
of the First Appellate Officer will lie before the The Protection of Interests in Aircraft
Second Appellate Officer. An order of DGCA Objects Bill, 2025 passed by the Parliament
or BCAS can be appealed before the central
government. The Protection of Interests in Aircraft Objects Bill,
2025 was passed by Parliament in April, 2025. 118
▪ Offences and Penalties: The Bill specifies The Bill aimed to give legal effect to the following
several offences and penalties. The following international agreements: (i) Convention on
offences will be punishable with imprisonment International Interests in Mobile Equipment (also
up to two years, a fine up to one crore rupees, known as Cape Town Convention of 2001), and (ii)
or both: (i) violating rules on carriage of Protocol to the Convention on International
certain prohibited goods in aircrafts such as Interests in Mobile Equipment on Matters specific
arms and explosives, (ii) flying aircraft in a to Aircraft Equipment.119,120 India had acceded to
manner to cause danger to a person or these in 2008. The Convention and Protocol aim to
property, and (iii) failure to comply with the bring uniformity in securing rights for high-value
directions of DGCA and BCAS. Violation of assets such as aircrafts, helicopters, and engines in
Rules prohibiting slaughter and deposit of case of default. Key features of the Bill include:
rubbish near airports will be punishable with
imprisonment up to three years, a fine up to ▪ Obligations of debtors: Debtors must submit
one crore rupees, or both. records of dues to the Directorate General of
Civil Aviation (DGCA). A debtor is a person
For a PRS analysis of the Bill, see here. who has taken an aviation asset under a lease
or, conditional purchase agreement, or pledged
Amendments to aircraft security rules an asset under a security agreement.
notified
▪ Remedies in case of default: The Convention
The Ministry of Civil Aviation notified gives creditors certain remedies in case of
amendments to the Aircraft (Security) Rules, 2023 default by a debtor. The remedies include the
in August 2024.115,116 These Rules specify the right to take back possession of the asset
framework for security of airports and aircrafts. within a period of two calendar months or a
Key amendments include: mutually agreed upon period, whichever is
earlier. The Bill states that before exercising
▪ Reserved right of admission in aircraft: The
any remedy, the creditor must notify DGCA
Act establishes the Bureau of Civil Aviation
about the occurrence of default.
Security (BCAS) for regulating security. The
2023 Rules empower the Director General of ▪ Detention of assets by government agencies:
BCAS and the airport operator to: (i) refuse Entities that will have the right to detain an
any person entry into the airport, and (ii) asset if dues for services related to that asset
require any person to leave the airport. They remain unpaid: (i) central government, (ii) any
also empower the chief security officer in- other entity providing public services in India,
charge of the airport, to assist aircraft pilots in or (iii) an inter-governmental organisation of
removing unruly passengers from an aircraft in which India is a member.
the interest of the safety and security of
For a PRS summary of the Bill, see here.
passengers and crew.117 The Amendments also
empower the Director General to: (i) refuse a
person or group of persons entry into an
aircraft, and (ii) require any person or groups
of persons to leave an aircraft. Such an action
may be taken if it is necessary or expedient in
the interest of security.
▪ Prohibition on communicating false
information: The Amendments prohibit a
person from communicating false information

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 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

Road Transport and Highways wholly or partly owned by Overseas Citizens

of India (OCIs). The thresholds for ownership
Voluntary vehicle modernisation will be specified by the central government.
programme launched The Bill also clarifies that it will not be
mandatory for vessels wholly owned by OCIs
The Ministry of Road Transport and Highways to register in India.
launched the Voluntary Vehicle Modernisation
Programme or Vehicle Scrapping Policy in August ▪ Registration of certain foreign vessels: The
2024.121 It aims to phase out unfit polluting Bill adds that a foreign vessel chartered by an
vehicles across the country. This will be done Indian person may be registered as an Indian
through a network of registered vehicle scrapping vessel. This will apply where the ownership is
facilities and automated testing stations. intended to be transferred to the charterer after
a specified period.
Currently, vehicle scrapping is promoted through
incentives such as: (i) concessions on Motor ▪ Authorities for regulation of shipping: The
Vehicle Tax, (ii) waiver of fee for registration Act empowers the central government to
certificate, and (iii) waiver of liabilities on purchase appoint the Director-General of Shipping. The
of new vehicles available in many states. government may delegate its powers and
Scrapping facilities also provide scrap value to functions under the Act to the Director-
vehicle owners. General. The Bill retains these provisions. It
renames the Director-General as the Director-
To incentivise scrapping, vehicle manufacturers General of Marine Administration. The Act
have volunteered to offer discounts on new establishes Boards to advise the central
vehicles against scrappage certificates. Discounts government: (i) the National Shipping Board
will only be extended for two years for commercial for matters related to shipping, and (ii) the
and one year for passenger vehicles. National Welfare Board for Seafarers, to
advise on welfare of seafarers. The Bill retains
these provisions.
For a PRS summary of the Bill, see here.
Shipping
The Merchant Shipping Bill, 2024 The Coastal Shipping Bill, 2024 introduced
introduced in Lok Sabha The Coastal Shipping Bill, 2024 was introduced in
The Merchant Shipping Bill, 2024 was introduced Lok Sabha in December 2024.124 It seeks to
in Lok Sabha in December 2024.122 It seeks to regulate vessels engaged in trade within Indian
replace the Merchant Shipping Act, 1958, which coastal waters. Under the Bill, coastal waters mean
regulates the shipping sector.123 Key features of the territorial waters of India, along with adjoining
Bill include: maritime zones. Territorial waters extend up to 12
nautical miles from the coast (about 22 km).
▪ Mandatory registration of vessels: Under Adjoining maritime zones extend up to 200
the 1958 Act, all sea going Indian vessels must nautical miles (about 370 km).
be registered, except certain vessels which are:
(i) not mechanically propelled, or (ii) weighing The Bill seeks to replace Part XIV of the Merchant
below 15 tons and used only for navigating Shipping Act, 1958, which regulates mechanically
Indian coasts. The Act defines vessels to propelled ships over 150 tons (including mobile
include any ships, boats, sailing vessels, or offshore drilling units) engaged in coastal shipping.
other vessels used in navigation. The Bill Key features of the Bill include:
instead requires all vessels to be registered ▪ Services to be also covered under coasting
regardless of type of propulsion or weight. It trade: Under the 1958 Act, coasting trade
also expands the definition of vessels to refers to the carriage of goods and passengers
include types such as mobile offshore drilling from one place or port in India to another. The
units, and submersibles. Bill expands this definition to include
▪ Ownership of Indian vessels: The Act provision of services. Services include
specifies criteria for ownership of Indian exploration, research, and any other
vessels. Under the Act, an Indian vessel means commercial activity, except fishing.
a vessel wholly owned by a: (i) citizen of ▪ Licence for coasting trade: The 1958 Act
India, (ii) company or body established by or requires licence for all vessels engaging in
under Indian laws with its principal place of coasting trade. The Bill states that vessels
business in India, or (iii) registered co- wholly owned by Indian persons will not need
operative society. The Bill relaxes the criteria a licence.
to also include: (i) vessels which are partly
owned by above persons, and (ii) vessels

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 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

▪ Revocation of licences: The 1958 Act Indian Ports Bill, 2025 introduced in Lok
empowers the Director General of Shipping to Sabha
modify or revoke licences. The Bill specifies
the grounds for modification, suspension, or The Indian Ports Bill, 2025 was introduced in Lok
revocation of licences: (i) violation of terms of Sabha in March, 2025.127 It seeks to replace the
licence or an existing law, or (ii) failure to Indian Ports Act, 1908.128 The Act outlines the
comply with directions of the Director powers of the central and state governments with
General. respect to: (i) altering port limits, (ii) safety and
conservation of ports, and (iii) levy of port-dues,
For a PRS summary of the Bill, see here. fees, and other charges. The Bill retains certain
provisions of the Act. Key changes include:
Lok Sabha passed the Bills of Lading Bill,
▪ Maritime State Development Council: The
2024
Bill requires the central government to
The Bills of Lading Bill, 2024 was passed in Lok establish the Maritime State Development
Sabha in March 2025.125 It replaces the Indian Council. The Council will issue guidelines in
Bills of Lading Act, 1856.126 The Act provides a consultation with central and state
legal framework for issuance of bills of lading. governments on: (i) data or information to be
collected by ports along with the manner of
▪ Retained provisions: The Act states that a collection, updation, storage and submission to
bill of lading is conclusive evidence of goods
the Council, (ii) dissemination of data or
on board. It grants following persons all rights
information related to ports, and (iii) ensuring
of suit and liabilities regarding the goods: (i)
transparency of port tariff. It will also make
the receiver as per the bill of lading, or (ii) any
recommendations on matters related to
third party to whom the receiver may transfer legislative adequacy, efficiency of ports and
the ownership of goods. The Bill retains this connectivity to ports.
provision.
▪ State Maritime Boards: The Bill provides
▪ Power to issue directions: The Bill adds that
statutory recognition to all state maritime
the central government may issue directions
boards specified in the third schedule of the
for carrying out the provisions of the Bill.
Bill. This includes maritime boards
For a PRS summary of the Bill, see here. established in states such as Gujarat,
Maharashtra, and Tamil Nadu. Functions of
The Carriage of Goods by Sea Bill, 2024 the State Maritime Boards include: (i)
passed by Lok Sabha exercising licensing functions for port
infrastructure, (ii) supervision of all port
The Carriage of Goods by Sea Bill, 2024 was works, (iii) fixing port tariff, and (iv)
introduced in Lok Sabha on August 9, 2024. The regulation of navigation within port limits.
Bill seeks to replace the Indian Carriage of Goods ▪ Dispute Resolution Committee: The Bill
by Sea Act, 1925. The Act establishes the requires state governments to constitute a
responsibilities, liabilities, rights, and immunities in dispute resolution committee to adjudicate
case of goods carried from a port in India to disputes arising between non-major ports, port
another port in India or any other port in the concessionaires, port users, and port service
world. The Act is in conformance with the providers within the state. Appeals against
International Convention for the Unification of orders of the Committee shall be made to the
Certain Rules of Law relating to Bills of Lading of High Court within sixty days.
August 1924 (Hague Rules) and subsequent
amendments to it. The Bill retains all provisions of ▪ Pollution containment and response: Under
the Act. the Bill, all ports must prepare a port waste
reception and handling plan as prescribed by
The Bill empowers the central government to: (i) the central government and in consultation
issue directions for carrying out provisions of the with the state government. Every port must
Bill, and (ii) amend the schedule specifying rules report incidents involving threat of pollution to
applicable to bills of lading. A bill of lading refers coastal waters to the central or state
to a document issued by a freight carrier to a governments, in a manner as prescribed by the
shipper. It contains details such as the type, central government.
quantity, condition, and destination of goods being For a PRS summary of the Bill, see here.
carried. The rules outline the responsibilities,
liabilities, rights, and immunities of goods carriers.

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 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

Development
Education support meritorious students in pursuing higher
education.131 The scheme will extend collateral
UGC released curriculum and credit and guarantor free loans covering tuition and other
framework for postgraduate programmes expenses to students who get admission in quality
The University Grants Commission (UGC) higher education institution. For loans up to Rs 7.5
released the ‘Curriculum and Credit Framework for lakh, 75% of the outstanding amount will be
Post Graduate Programmes’ in June 2025.129 The covered by a credit guarantee. The scheme will
Framework seeks to provide flexibility to: (i) apply to students in: (i) top 100 institutions in each
pursue subjects different from those studied in field, (ii) state government institutions ranked 101-
undergraduate programmes (UG), (ii) pursue PG 200, and (iii) all central government institutions.
education in different modes of learning, (iii) Rankings would be based on the National
pursue simultaneous academic or industry Institutional Ranking Framework (NIRF). The
engagements and obtain credits for the same, and scheme is expected to cover about 22 lakh students
(iv) exit a PG programme after one year with a PG across 860 institutions.
diploma. Key features of the Framework include: Further, the scheme will provide interest
▪ Credit requirement and eligibility for PG subvention of 3% on loans up to Rs 10 lakh to
programme: The Framework prescribes students with a family income of up to eight lakh
criteria for undergraduate students to be rupees. Beneficiaries must not be covered under
eligible for various types of PG programmes. any other government scholarship or interest
For instance, to be eligible for a one-year MA, subvention scheme. Interest subvention will be
MCom or MSc degree, a candidate must have provided to one lakh students every year.
a Bachelor’s degree with Honours with
minimum 160 credits. However, to be eligible RTE rules amended to allow holding back
for a two-year MA, MCom, or MSc degree, students in central government schools
they need a three year/ six semester Bachelor’s
degree with 120 credits. In December 2024, the Ministry of Education
notified the Right of Children to Free and
▪ Flexibility in switching subjects in PG: The Compulsory Education (Amendment) Rules,
Framework permits graduate students to: (i) 2024.132 These amend the rules issued under the
pursue a different subject in post-graduation, if Right of Children to Free and Compulsory
they qualify in the entrance examination, and Education Act, 2009.133,134 The Act guarantees free
(ii) apply for a PG programme that was a and compulsory elementary education to children
major or minor in graduate studies. Under the aged between six and 14.
Framework, certain students will be eligible
for admission in Master in Engineering or a The Act requires schools to conduct a regular
Master of Technology. These include those examination for classes fifth and eighth at the end
having completed: (i) a four-year UG of an academic year.133 Students failing this exam
programme, (ii) a three-year UG and a two- can appear for a re-examination within two months.
year PG programme or (iii) a five-year The 2024 Rules require holding back students in
integrated programme, in STEM subjects. classes five or eight if they fail the re-
▪ Assessment: The Framework suggests examination.132 During the period in which they
assessments to be continuous as opposed to are held back, schools must guide the student and
summative (this includes unit tests and his parents by identifying learning gaps and
semester-wise exams). It also suggests for providing necessary resources. The head of the
school will maintain a list of students who are held
assessments to be driven by learning outcomes.
The National Higher Education Qualification back, and will monitor their progress. Annual
Framework (NHEQF) delineates learning exams and re-exams must test competency and not
outcomes for UG and PG programmes.130 It memorisation or procedural skills.132
requires learning outcomes to be measured
using criteria such as: (i) knowledge of the UGC issued draft regulations for
field, (ii) applicability of knowledge and skills, appointment of faculty and VC in HEIs
and (iii) employability. In January 2025, the University Grants
Commission (UGC) issued the “Draft UGC
Cabinet approved scheme to provide (Minimum Qualifications for Appointment and
financial support to meritorious students Promotion of Teachers and Academic Staff in
In November 2024, the Union Cabinet approved Universities and Colleges and Measures for the
the PM Vidyalakshmi scheme to financially Maintenance of Standards in Higher Education),

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 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

Regulations, 2025”.135 These provide for the medical courses are filled by: (i) NEET ranking,
eligibility criteria for appointment of faculty and (ii) state quotas, and (iii) institutional preferences.
Vice-Chancellors (VCs) in Higher Educational
The Court held that the Constitution provides the
Institutions (HEIs). The draft seeks to replace the
right to seek admission in educational institutions
2018 Regulations on this subject.136 Key features
across India. Differential treatment of students
of the draft regulations include:
based on residence deters this right. However,
▪ Appointment of VC: The Vice Chancellor is domicile reservations are permissible in MBBS
the chief executive and academic head of a courses as they help address shortage of doctors in
university.137 As per the existing regulations, a neglected regions. On the other hand, PG medical
VC must be appointed from persons with at courses address the need for specialists and should
least 10 years of experience: (i) as a professor, thus enrol students based on marks and merit.
or (ii) at a senior position of a reputed research
The Court ruled that all PG medical seats under
or academic administrative organisations. The
state quotas should be filled based on students’
draft Regulations add that he can also be
performance in NEET. However, this will not
appointed from persons with at least 10 years
apply to seats currently filled under state quota.
of experience at a senior level in industry, or
The Court upheld the validity of seats filled
public policy or administration, with a proven
through institutional preferences. These are seats
record of academic or scholarly contributions.
granted to UG students of the same college. The
▪ Under existing regulations, the VC will be Supreme Court stated that the share of such seats
appointed from a panel of names prepared by a should be reasonable.
three to five-member search committee. The
Visitor or Chancellor of the university will CBSE issued draft policy to conduct two
make this appointment. The search committee board exams in a year for Class 10
must not be connected to that university in any
way. One member of the committee must be a In February 2025, the Central Board for Secondary
nominee of the UGC Chairman. The draft Education (CBSE) issued the “Draft Scheme for
Regulations provide that this committee will Two Examinations for Class X from 2026”.141 The
be constituted by the Chancellor/Visitor of a draft policy was issued in line with the National
university. It will comprise of one nominee Education Policy, 2020, which recommended
each of the: (i) Visitor/Chancellor, (ii) UGC allowing students to take up to two board exams in
Chairman, and (iii) apex body of a university. a year.142 This intends to reduce exam-related
In certain states, the Chancellor of a state pressure by providing students with an option to
university is the Governor of that state. 138 The improve their scores in the second attempt.
President of India appoints the Chancellor in According to the draft, CBSE board exams for
central universities.139 class 10 will be held twice a year between: (i)
▪ Recruitment of Assistant Professors: Under February 17 to March 6 and (ii) May 5 to 20.
the 2018 Regulations, Assistant Professors Results for all students will be released after results
directly recruited into an HEI must: (i) possess of the second exam are out.
a Master’s degree and clear the National
Eligibility Test (NET), or (ii) hold a Ph.D. The Tribhuvan Sahkari University Bill, 2025
draft allows persons with only a master’s passed by Lok Sabha
degree in engineering to be directly recruited
The Tribhuvan Sahkari University Bill, 2025 was
as Assistant Professor.
passed in Lok Sabha in March 2025.143 The Bill
▪ Recruitment on a contract basis: Existing seeks to establish the Institute of Rural
regulations allow recruiting faculty on a Management Anand, Gujarat (IRMA) as the
contract basis. However, contract faculty “Tribhuvan” Sahkari University. Currently, IRMA
should not exceed 10% of the total faculty is registered as a society. The Bill places IRMA as
positions in an HEI. The draft Regulations do a school within the university. It also states that its
away with this limit. They provide that autonomous identity will be preserved within the
contract period of such faculty should not institutional framework of the University.
exceed six months.
For a PRS Summary of the Bill, see here.
Supreme Court struck down domicile-based
reservations in PG medical admissions
In January 2025, the Supreme Court held that
residence-based reservation in post-graduate (PG)
medical courses violated the fundamental right to
equality (Article 14).140 Currently, seats for PG

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 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

Skill Development Committee. The Executive Committee, which

is a governing body, will be elected by the
Cabinet approved continuation of the Skill Athlete Commission. It will consist of office
India Programme bearers such as President, Vice-Presidents, and
Joint Secretaries. It will also comprise of
The Union Cabinet approved the continuation of athletes. After serving for more than two
the Skill India Programme.144 The programme consecutive terms, office bearers would be
comprises three schemes: (i) Pradhan Mantri ineligible to contest election for at least four
Kaushal Vikas Yojana, which imparts skill years.
development through short-term and on-the-job
training, (ii) Pradhan Mantri National ▪ At least 10% of the General Body and voting
Apprenticeship Promotion Scheme, which provides members in each body will comprise of
financial support for training and remunerating Sportspersons of Outstanding Merit (SOM).
apprentices engaged with an establishment, and These are retired athletes who have won at
(iii) Jan Shikshan Sansthan Scheme, which aims to least one medal at the Olympics,
make vocational training accessible to Commonwealth or Asian Games.
disadvantaged groups. ▪ Tribunal: The draft Bill sets up an Appellate
The Skill India Programme will be implemented till Sports Tribunal. The central government will
2026, with an outlay of Rs 8,800 crore between notify the composition, manner of selection of
2022-23 and 2025-26. members, and matters over which the Tribunal
can exercise jurisdiction. Selection of the
Tribunal will made on recommendations of a
committee headed by a retired judge of the
Youth Affairs & Sports Supreme Court or High Court.

Sports Ministry released draft Bill on sports

governance
Science and Technology
In October 2024, the Ministry of Youth Affairs and
Sports released the Draft National Sports Cabinet approved Vigyan Dhara Scheme
Governance Bill, 2024.145 The draft Bill creates a
regulatory structure for the recognition and In August 2024, the Union Cabinet approved the
regulation of: (i) the National Olympic Committee Vigyan Dhara Scheme from 2021-22 to 2025-26.
146
(NOC), (ii) the National Paralympic Committee It merges three existing schemes implemented
(NPC) and (iii) National Sports Federations by the Ministry of Science and Technology. These
(NSFs). Key features of the draft Bill include: relate to research and development, and capacity
building of individuals and institutions in science.
▪ Regulator: The draft Bill provides for
creating the Sports Regulatory Board of India. The scheme will: (i) support the establishment of
The Board will be responsible for regulating research labs, (ii) promote transnational
the NOC, NPC, and NSFs of various kinds of collaborative research and (iii) expand the number
sports. It will be empowered to grant, renew, of full-time researchers in the country. It will also
or suspend recognition of these bodies. The conduct targeted interventions to increase
Board will protect the rights and ensure the participation of women in science and encourage
welfare of athletes and support personnel. innovation at school, industry and startups. The
scheme has a total outlay of Rs 10,580 crore over
▪ Suspension: Recognition of the NOC, NPC, five years.
and NSFs is conditional on their affiliation
with: (i) the International Olympic or
Paralympic Committee (for NOC and NPC) or,
(ii) the concerned International Federation (for Health
NSFs). Failure to maintain affiliation can lead
to suspension. Other reasons for suspension Cabinet expanded Ayushman Bharat to
include: (i) reported irregularities in internal include all senior citizens
functioning, (ii) failure to publish accounts,
and (iii) irregularities in election procedures. In September 2024, the Union Cabinet approved
If the reason for suspension is rectifiable, the expansion of Ayushman Bharat Pradhan Mantri Jan
Board can ensure compliance instead. Arogya Yojana (AB PM-JAY) to all citizens aged
70 years and above.147 The scheme provides
▪ Governance: The draft Bill provides certain cashless treatment of up to five lakh rupees per
specifications in the governance structure of family per year, for hospitalisation at an
the NOC, NPC and each NSF. These bodies empanelled facility.148 Currently, 11 crore families
must each have a General Body and Executive (roughly 50 crore persons) are eligible for inclusion

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 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

in the scheme.149 Senior citizens already covered headed by Secretary of the Department of
under the scheme will individually be covered for Pharmaceuticals.
an extra five lakh rupees as health insurance.
Expansion of the scheme will extend insurance Health Ministry expanded scope of
coverage to 4.5 crore families (six crore senior nutrition support for Tuberculosis Patients
citizens). This will also include senior citizens who The Health Ministry announced the expansion of
are already availing benefits of other public and the Ni-kshay Poshan Yojana in October 2024.151
private insurance schemes. This scheme aims to provide nutritional and
financial support to TB patients to reduce mortality
Uniform Code for marketing practices in due to TB.
medical devices released
Financial support for each TB patient was
The Department of Pharmaceuticals released the increased from Rs 500 to Rs 1,000 per month. The
Uniform Code for Marketing Practices in Medical scheme will also provide energy-dense nutritional
Devices, 2024 in September 2024.150 The Code supplements to underweight TB patients for the
regulates the branding and promotion of medical first two months of treatment. Family members of
devices in the country. TB patients will also receive nutritional support
which will be aimed at improving their immunity.
Key features of the Code include:
The scheme will be expanded with a total cost of
▪ Claims: Claims made by medical devices
Rs 1,040 crore. This will be distributed between
companies regarding the usefulness of a
the Centre and states in a 60:40 ratio.
medical device must be based on the latest
evidence. Prohibited claims include: (i) using
other brand names without prior consent of the
respective companies, (ii) calling a medical
device safe without qualification, and (iii) Environment
claiming it to be without side-effects.
The Public Liability Insurance
▪ Promotion: Any promotional material must (Amendment) Rules, 2024 notified
contain details including: (i) generic/brand
name of the medical device, (ii) name/address In December 2024, the Ministry of Environment,
of the manufacturer/importer and the business Forest and Climate Change notified the Public
name/address of the marketeer, (iii) warnings Liability Insurance (Amendment) Rules, 2024.152
and precautions for use, and (iv) a statement These amend the Public Liability Rules, 1991,
stating that additional information is available issued under the Public Liability Insurance Act,
on request. 1991.153,154 The Act provides a framework for
compensation to persons affected by accidents in
▪ Only brand reminders (such as books, diaries, handling of hazardous substances. Key changes
dummy models) worth less than Rs 1,000 each under the Amendment Rules include:
can be circulated. Free evaluation samples
must not be circulated to anyone except the ▪ Increase in limit on liability of insurers:
person qualified to prescribe it or someone Under the Act, an owner of an undertaking
authorised to receive it on their behalf. handling hazardous substances must take
Demonstration products (products that help insurance for their liability to provide relief in
explain functions of a medical device) should the event of an accident. Under the 1991
be taken back by companies after the Rules, in case of an accident, the maximum
demonstration period is over. liability of an insurer was five crore rupees.
The 2024 Rules increase this to Rs 250 crore.
▪ Ethics Committee: An Ethics Committee for In case of more than one accident within one
marketing practices in medical devices must be year or the duration of policy, whichever is
established in all Indian medical device less, the maximum liability of the insurer was
associations. It will address grievances Rs 15 crore under the 1991 Rules. The 2024
regarding compliance with the Code. The Rules increase this to Rs 500 crore.
Committee should pass an order within 90
days of receiving a complaint. Violation of the ▪ Reimbursements to be provided by the
Code will result in penalties such as: (i) owner: The 2024 Rules specify the amount of
expulsion from the association, (ii) issuing a relief to be provided by the owner to the
corrective statement in the media, or (iii) affected persons in specified cases. For
monetary recovery. The Committee’s decision instance, relief of five lakh rupees per person
can be appealed before the Apex Committee must be provided in the event of death. For
within 15 days. The Apex Committee will be damage to private property, relief must cover
actual damage, and is subject to a maximum of
Rs 50 lakh.

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 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

▪ Allocation of funds from the Environmental ▪ Environmental Compensation: Producers,

Relief Fund: The Jan Vishwas Act, 2023 registered vehicle scrapping facilities, and bulk
amended the 1991 Act to allow use of the consumers must pay environmental
Environmental Relief Fund for restoration of compensation for damage to environment or
damage in certain cases. This applies where public health. The CPCB will impose the
activities related to hazardous substances such compensation for obligations of producers
as manufacturing and transportation lead to while the State Pollution Control Boards will
environmental damage. The 2023 Act do the same for registered vehicle scrapping
empowers the Central and State Pollution facilities and bulk consumers.
Control Boards to file an application to the
central government in this regard. The Rules
give effect to these provisions. The Rules
provide that upon the receiving such an Rural Development
application, the central government will
scrutinise the extent of damage, and determine Cabinet approved implementation of
the amount to be allocated. The Rules also Pradhan Mantri Gram Sadak Yojana - IV
state that the allocation will not exceed 10% of
the amount available in the Fund. The Union Cabinet approved implementation of the
Pradhan Mantri Gram Sadak Yojana – IV (PMGSY
▪ Duty to publicise right to claim for relief: In –IV) between 2024-25 and 2028-29 in September
case of an accident, the Amendment Rules 2024.158 Under this phase, financial assistance will
require industrial units to publicise the right to be provided for constructing 62,500 km of all-
claim relief among the affected persons. weather roads that will connect 25,000
unconnected habitations. This will cover
Rules notified for management of waste habitations with a population exceeding: (i) 500 in
generated from end-of life vehicles plain areas, (ii) 250 in North Eastern and hilly
states, and (ii) 100 in districts affected by left-wing
The Ministry of Environment, Forest and Climate extremism. PMGSY-IV will receive a total outlay
Change notified the Environment Protection (End- of Rs 70,125 crore for five years, which will be
of-Life Vehicles) Rules, 2025.155 These Rules have borne between the centre and states in a 70:30 ratio.
been issued under the Environment (Protection)
Act, 1986, and came into force from April 1,
2025.156 End-of-life vehicles are those which are
no longer registered or have been declared unfit.157
These Rules will apply to producers of vehicles, Housing and Urban Affairs
vehicle owners, bulk consumers, and registered Cabinet approved the Pradhan Mantri
vehicle scrapping facilities. It will cover all
vehicles except those used for agriculture. Key
Awas Yojana – Urban 2.0 scheme
features include: The Union Cabinet approved the Pradhan Mantri
Awas Yojana – Urban 2.0 in August 2024.159 The
▪ Responsibility of Producers: Producers are
scheme seeks to offer financial assistance to one
required to fulfil the extended producer
crore poor and middle-class families in urban areas.
responsibility (EPR) obligations for the
It will be available for five years. The assistance
prescribed scrapping targets. Under EPR, the
will be available for constructing, purchasing, or
producer will be responsible for scrapping
renting. The total expected outlay is Rs 2.3 lakh
End-of-Life vehicles. The Central Pollution
crore. Key features are as follows:
Control Board (CPCB) will issue EPR
certificates through an online portal. Starting ▪ Eligibility: The assistance will be available to
from 2025-26, at least 8% of steel used in non- households who do not have a pucca house
transport vehicles in 2005-2006 must be anywhere in the country and whose annual
scrapped in an environmentally sound manner. income is up to nine lakh rupees.
For transport vehicles, the scrapping target is at
least 8% of steel used in vehicles in 2010-11. ▪ Assistance for construction: Eligible
households with an annual income of up to
▪ Responsibilities of producers, bulk users, three lakh rupees will receive Rs 2.5 lakh to
and scrapping facilities: A registered owner build a house on their vacant land. Landless
or bulk consumer must deposit end-of-life beneficiaries may be granted land rights.
vehicles within 180 days of them becoming
unregistered or declared unfit. Such vehicles ▪ Interest subsidy for purchase: Interest
must be deposited at the producer’s designated subsidy of 4% will be offered on home loans
sales outlet, collection centre, or registered of up to Rs 25 lakh. This will be subject to a
vehicle scrapping facility. Bulk consumers are maximum subsidy of Rs 1.8 lakh payable in
those owning over 100 vehicles. five yearly instalments.

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 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

▪ Purchase of affordable housing units: Tribal Affairs

Assistance of Rs 2.5 lakh will be provided for
purchasing affordable houses built through Cabinet approved Tribal development
state, city, public, or private partnerships scheme
(AHP). Households with an annual income of
up to three lakh rupees will be eligible. A In September 2024, the Union Cabinet approved
grant of Rs 1,000 per square metre (sqm), up to the Pradhan Mantri Janjatiya Unnat Gram
30 sqm per unit, will also be made available Abhiyan.161 The programme aims to uplift tribal
for AHP projects using innovative construction communities by addressing gaps in key sectors
methods. such as: (i) social infrastructure, (ii) health, (iii)
education, and (iv) livelihood. It comprises of 25
▪ Affordable rental housing: To make interventions that will be implemented by
affordable rental housing (ARH) available, two ministries governing relevant sectors. The
models will be implemented: (i) converting programme will cover about 63,000 villages, and
existing government-funded vacant houses into aims to benefit about five crore tribal people. The
ARH units, and (ii) constructing, operating, programme will receive an outlay of Rs 79,156
and maintaining ARH units. For innovative crore, to be spent over five years. Key features of
construction technology for ARH units, Rs the programme include:
5,000 per sqm will be provided.
▪ Goals of the programme: The goals are to be
▪ Guarantee for housing loans: The corpus achieved in coordination with other
fund of the Credit Risk Guarantee Trust Fund departments and their schemes. These goals
has been increased from Rs 1,000 crore to Rs are: (i) building enabling infrastructure, (ii)
3,000 crore. Under the fund, benefits of credit promoting skill development and self-
risk guarantees are provided on affordable employment, and (iii) improving access to
housing loans from banks/housing finance quality education and affordable healthcare.
companies/primary lending institutions.
▪ Targets: Targets have been set under various
▪ Funding of the scheme: The scheme is a existing schemes, including: (i) Pradhan
centrally sponsored scheme, except the interest Mantri Awas Yojana, (ii) Pradhan Mantri
subsidy component which will be fully funded Gram Sadak Yojana, (iii) Jal Jeevan Mission,
by the central government. (iv) National Health Mission, (v) Poshan
Abhiyan. Some of these targets include: (i)
Cabinet approved implementation of building 20 lakh houses, (ii) 25,000 km road,
PMAY– Gramin for five years (iii) water supply to every eligible village, (iv)
creating up to 1,000 Mobile Medical Units, (v)
In August 2024, the Union Cabinet approved the establishing 2,000 new Anganwadi centres.
continuation of the Pradhan Mantri Awas Yojana –
Gramin (PMAY-G) between 2024-25 and 2028- ▪ Schemes: Certain initiatives under the
29.160 Under the scheme, government will provide programme include: (i) 1000 tribal home
assistance for the construction of additional two stays, (ii) sustainable livelihood for 22 lakh
crore pucca houses between April 2024 and March forest rights holders, (iii) improvement of
2029. Assistance for each house will remain infrastructure in tribal and government
unchanged at Rs 1.20 lakh in plain areas and Rs residential schools, (iv) affordable
1.30 lakh in north-eastern and hilly states. management of sickle cell disease, and (v) 100
multipurpose marketing centres for promoting
The scheme was approved with a total outlay of Rs
tribal products.
3,06,137 crore for five years. This includes central
share of Rs 2,05,856 crore and the states’ share of
Rs 1,00,281 crore. PMAY-G was launched in 2016
with a target of constructing 2.95 crore pucca
houses by March 2024. Beneficiaries under the
scheme will be selected from an updated Awas+
list and will also include the remaining eligible
households from the Socio-Economic Caste Census
(SECC) 2011. The government had conducted
Awaas+ survey between January, 2018 and March,
2019 to identify beneficiaries previously left out
under the SECC 2011.

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 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

Law and Security

Home Affairs
Parliament passed the Disaster The Bill provides that persons entering or
Management (Amendment) Bill, 2024 departing from India must also have a valid
visa (for foreigners) along with valid passports
The Disaster Management (Amendment) Bill, 2024 or other valid travel documents. The Bill
was passed in both Houses of Parliament in March provides for setting up of the Bureau of
2025.162 It was introduced in Lok Sabha in August Immigration for performing immigration
2024. The Bill amended the Disaster Management functions and other prescribed functions.
Act, 2005.163 The Act establishes the National Immigration functions include: (i) visa
Disaster Management Authority (NDMA), State issuance and regulation of entry into India, or
Disaster Management Authority (SDMA), and (ii) transit, stay and movement within and exit
District Disaster Management Authority (DDMA) from India.
at national, state, and district levels.
▪ Registration of foreigners: The 1939 Act
▪ Functions of NDMA and SDMA: The Bill empowers the central government to make
provided that NDMA and SDMA will prepare rules for foreigners to report their presence to a
disaster management plans at their respective prescribed authority. The Bill provides that on
levels. The Bill introduced certain functions arrival in India, foreigners must register with a
for these authorities. These include: (i) taking Registration Officer.
periodic stock of disaster risks, including
emerging risks from extreme climate events, ▪ Obligations of persons/entities to provide
(ii) providing technical assistance to authorities prescribed information: The 1946 Act
below them, (iii) recommending guidelines for requires hotel keepers providing
minimum standards of relief, and (iv) accommodation to foreigners to furnish
preparing national and state disaster databases. information. The Bill adds that educational
NDMA will assess disaster preparedness of institutions must provide prescribed
states, and also undertake post-disaster audit of information to the Registration Officer on
preparedness and response. admitting foreigners. Further, medical
institutions must provide information regarding
▪ Powers to states for disaster response: The foreign patients availing indoor treatment or
Bill empowered the state government to their attendants availing lodging facilities to
constitute a separate Urban Disaster the Registration Officer.
Management Authority for state capitals and
cities with a municipal corporation. The Urban ▪ Carriers: The Bill amends the 2000 Act to
Authority will prepare and implement the prohibit any transporter departing from India
disaster management plan for the area under it. until a clearance has been obtained from the
The Act provides for constitution of a National Immigration Officer.
Disaster Response Force for specialist For a PRS summary of the Bill, see here.
response to disaster situations. The Bill
empowered the state government to constitute
Union Cabinet approved scheme to enhance
a State Disaster Response Force.
forensic infrastructure in India
For a PRS summary of the Bill, see here.
In June 2024, the Union Cabinet approved the
National Forensic Infrastructure Enhancement
Immigration and Foreigners Bill, 2025
Scheme with an outlay of Rs 2,254 crore.165 It will
passed by Lok Sabha be implemented between 2024-25 to 2028-29. The
In March 2025, the Immigration and Foreigners scheme will: (i) establish campuses of the National
Bill, 2025 was introduced in and passed by Lok Forensic Sciences University (NFSU) in the
Sabha.164 The Bill seeks to regulate immigration, country, (ii) establish Central Forensic Science
entry, and stay of foreigners in India. It repeals the Laboratories, and (iii) enhance existing
following Acts: (i) the Passport (Entry into India) infrastructure of the Delhi campus of NFSU. The
Act, 1920, (ii) the Registration of Foreigners Act, scheme seeks to address the shortage of trained
1939, (iii) the Foreigners Act, 1946, and (iv) the forensic manpower in the country and help achieve
Immigration (Carriers’ Liability) Act, 2000. Key a conviction rate of over 90%.
features of the Bill include:
▪ Immigration: The 1920 Act empowers the
central government to frame rules requiring
persons entering India to possess passports.

27
 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

Centre constituted committee to monitor the end of Lok Sabha constituted in that
situation at the India-Bangladesh border simultaneous election.
In August 2024, the central government constituted The Bill was referred to a Joint Parliamentary
a five-member committee to monitor the current Committee (Chairperson: Mr P.P. Chaudhary)
situation at the India-Bangladesh border.166 The consisting of 39 MPs.
committee will communicate with counterpart For a PRS summary of the Bill, see here.
authorities in Bangladesh and ensure safety of
Indian citizens and minorities in Bangladesh. The
Bill introduced to implement simultaneous
Ministry of External Affairs had highlighted
several attacks on minorities and their institutions
election for Legislative Assemblies of UTs
in Bangladesh amidst the large-scale unrest in the The Union Territories Laws (Amendment) Bill,
country.167 2024 was introduced in Lok Sabha in December
2024.169 It seeks to implement simultaneous
▪ The committee is headed by the Additional
election to UTs with a legislature and amends the
Director General, Border Security Force
following Acts: (i) the Government of Union
(BSF), Eastern Command. Other members
Territories Act, 1963, (ii) the Government of
include Inspector General, BSF Frontier HQ
South Bengal and Secretary, Land and Ports National Capital Territory of Delhi Act, 1991, and
Authority of India. (iii) the Jammu and Kashmir Reorganisation Act,
2019. These Acts provide for the structure and
functioning of the Legislative Assemblies of
Puducherry, Delhi, and Jammu and Kashmir (UT
Assemblies). The Bill is similar to the Constitution
Law and Justice (129th) Amendment Bill, 2024.
Constitutional Amendment Bill introduced The Bill has been referred to the JPC along with the
to implement simultaneous election Constitution (129th) Amendment Bill, 2024.
In December 2024, the Constitution (One Hundred For a PRS summary of the Bill, see here.
and Twenty-Ninth Amendment) Bill, 2024, was
introduced in Lok Sabha.168 The Bill empowers the Bill to reserve seats for STs in Goa
Election Commission to conduct election for Lok Assembly introduced in Lok Sabha
Sabha and all State Assemblies at the same time
(referred to as simultaneous election). In August 2024, the Readjustment of
Representation of Scheduled Tribes in Assembly
▪ Commencement of simultaneous election: Constituencies of the State of Goa Bill, 2024, was
The President will issue a notification on the introduced in Lok Sabha.170 The Bill seeks to
first sitting of Lok Sabha after a general reserve seats in the Goa Legislative Assembly for
election. The terms of all State Assemblies Scheduled Tribes based on the 2001 census.
constituted after the date of the notification
will expire with the expiry of the full term of For a PRS Summary of the Bill, see here.
Lok Sabha. Hence, elections to Lok Sabha and
all State Assemblies thereafter will be Bombay HC struck down IT Rules
conducted together. establishing fact check unit
▪ Premature dissolution of Lok Sabha or In September 2024, the Bombay High Court struck
State Assemblies: If Lok Sabha or a State down a 2023 amendment to the Information
Assembly is dissolved sooner than its full term Technology (Intermediary Guidelines and Digital
of five years, fresh election will be held for a Media Ethics Code) Rules, 2021.171,172 The Rules
term equal to the remainder of the five-year require digital intermediaries (such as social media
term. This will synchronise elections for Lok websites) to exercise due diligence in preventing
Sabha and all Assemblies every five years. users from intentionally spreading false or
misleading information. The amendment expanded
▪ Deferring a state election: If the Election
this to prohibit any information regarding business
Commission is of the opinion that the election
of the central government which a fact-check unit
for a particular State Assembly cannot be held
(FCU) of the government identifies as false or
as part of the simultaneous election, it may
misleading.173 The Court held that the amended
make a recommendation to the President.
Rules violated the right to freedom of speech and
Upon this recommendation, the President may
expression under Article 19 of the Constitution.
issue an order to conduct election for this State
Any restriction placed on this right must be
Assembly at a later date. Where the election
reasonable and conform to the restrictions under
for a State Assembly is deferred to after the
provided under the Constitution.
simultaneous election, its term will end with

28
 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

The Court further held that as the FCU will be (waqf-alal-aulad). The Act allowed for waqf
appointed by the executive, the Centre will become creation by any person. The Bill states that
the final arbiter of what constitutes false or only a person showing or demonstrating that
misleading. This violates the principle of natural he/she has been practising Islam for at least
justice. In addition, the Court found the terms five years may declare a waqf. The Bill
‘false or misleading’ to be vague and overbroad in removes waqf by user. It also adds that this
the absence of any guidelines to identify such removal would only apply prospectively.
items. The Court also noted that the amendment
▪ Government property as waqf: The Bill
was beyond the scope of the Information
states that any government property identified
Technology Act, 2000 and therefore could not be a
as waqf will cease to be so. Any officer above
part of the Rules under this Act.174
the rank of a Collector and designated by the
state government will determine ownership in
Supreme Court ruled that government case of uncertainty, and submit a report to the
entities cannot unilaterally appoint state government.
arbitrators
▪ Composition of the Central Waqf Council:
In November 2024, a five-judge bench of the Under the Act, the Union Minister in-charge of
Supreme Court ruled that government entities and waqf is the ex-officio chairperson of the
PSUs cannot unilaterally appoint arbitrators in Council. Members of the Council include
public-private arbitration agreements. It held that Members of Parliament, persons of national
such clauses violate equality and equal protection eminence, retired Supreme Court or High
before law (Article 14).175,176 Court judges, and eminent scholars in Muslim
The Court examined whether: (i) unilateral law. The Act requires that all Council
appointment of arbitrator is legally valid, (ii) such members, barring the Minister, must be
appointment is constitutional, if done by the Muslims, and at least two must be women.
government in a public-private contract, and (iii) The Bill removes the requirement for the MPs,
the principle of equal treatment of parties extends former judges, and eminent persons appointed
to appointment of arbitrators. to the Council to be Muslim. It further
mandates that two members in the Council
The Court held that the principle of equal treatment must be non-Muslims.
of parties applies to all stages of arbitration,
including appointment of arbitrator. It further held ▪ Composition of Waqf Boards: The Act
that allowing one party to unilaterally appoint an provides for election of up to two members
arbitrator raises questions about impartiality of the each from electoral colleges of a state’s
arbitrator. This also hinders the other party from Muslim: (i) MPs, (ii) MLAs and MLCs, and
equally participating in dispute resolution. (iii) Bar Council members, to the Board. The
Bill amends this to empower the state
government to nominate one person from each
of the above groups to the Board. They need
not be Muslims. It adds that the Board must
Minority Affairs have: (i) two non-Muslim members, and (ii) at
Bill to amend law regulating waqf property least one member each from Shias, Sunnis, and
introduced in Lok Sabha Backward classes of Muslims. The Act
provides that at least two members must be
The Waqf (Amendment) Bill, 2024 was introduced women. The Bill mandates that two Muslim
in Lok Sabha.177 It seeks to amend the Waqf Act, members be women.
1995.178 The Act regulates waqf property in India.
The Act defines waqf as an endowment of movable For a PRS analysis of the Bill, see here.
or immovable property for purposes considered
pious, religious, or charitable under Muslim law.
The Bill renames the Act to ‘United Waqf
Management, Empowerment, Efficiency and
Development Act, 1995’. The Bill was referred to
a Joint Parliamentary Committee (Chair: Mr.
Jagdambika Pal).179 Key features of the Bill and
the amendments recommended by the JPC include:
▪ Formation of waqf: The Act allowed waqf to
be formed by: (i) declaration, (ii) recognition
based on long-term use (waqf by user), or (iii)
endowment when the line of succession ends

29
 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

1
Press Note on Second Advance Estimates of Annual Gross of Finance, January 29, 2025,
Domestic Product for 2024-25, Ministry of Statistics and https://pib.gov.in/PressReleasePage.aspx?PRID=2097455.
Programme Implementation, February 28, 2025, 19
Credit Flow to Agriculture – Collateral free agricultural loans,
https://www.mospi.gov.in/sites/default/files/press_release/PRES Reserve Bank of India, December 6, 2024,
S-NOTE-ON-SAE-2024-25-Q3-2024-25-FRE-2023-24-and-FE- https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NOT96144E24
2022-23-M1.pdf. E148514F10B93A2E1CD4D649B1.PDF.
2 20
Frequently Asked Questions on Revision of Wholesale Price The Banking Laws (Amendment) Bill, 2024,
Index, Ministry of Commerce and Industry, May 12, 2017, https://prsindia.org/files/bills_acts/bills_parliament/2024/Bankin
https://eaindustry.nic.in/uploaded_files/FAQs_on_WPI.pdf. g_Laws_as_passed_by_LS.pdf.
3
“Developments in India’s Balance of Payments during the 21
The Reserve Bank of India Act, 1934,
Third Quarter (October-December) of 2024-25”, Reserve Bank https://www.indiacode.nic.in/bitstream/123456789/2398/1/a193
of India, March 28, 2025, 4-2.pdf.
https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR2498F4B9 22
The Banking Regulation Act, 1949,
8BE08BB249FB91E294D0DD13E94C.PDF. https://www.indiacode.nic.in/bitstream/123456789/1885/1/A194
4
Reserve Bank of India – Bulletin Weekly Statistical 910.pdf.
Supplement – Extract, Reserve Bank of India, January 3, 2025, 23
The State Bank of India Act, 1955,
https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR1850WSS https://www.indiacode.nic.in/bitstream/123456789/1553/1/AAA
28C1C37A0BC545C587C6979149AA4DCA.PDF. 1955__23.pdf.
5
Resolution of the Monetary Policy Committee, February 5 to 7, 24
The Banking Companies (Acquisition and Transfer of
2025, Monetary Policy Statement 2024-25, Reserve Bank of Undertakings) Act, 1970,
India, February 7, 2025, https://www.indiacode.nic.in/bitstream/123456789/1373/4/a197
https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR2094189B 0_5.pdf.
0DF105514A28A2FA834330E94B26.PDF. 25
The Banking Companies (Acquisition and Transfer of
6
Resolution of the Monetary Policy Committee, August 6 to 8, Undertakings) Act, 1980,
2024, Monetary Policy Statement 2024-25, Reserve Bank of https://www.indiacode.nic.in/bitstream/123456789/1792/3/a198
India, August 8, 2024, 0_40.pdf.
https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR851491EC 26
The Reserve Bank of India (Treatment of Wilful Defaulters
642D77743A4BB8B0AAA838FE286.PDF.
and Large Defaulters) Directions, 2024, Reserve Bank of India,
7
Resolution of the Monetary Policy Committee, October 7 to 9, July 30, 2024,
2024, Monetary Policy Statement 2024-25, Reserve Bank of https://rbidocs.rbi.org.in/rdocs/notification/PDFs/MD122F0B63
India, October 9, 2024, 56D6BC14C85A960DEE7CDD9FBD8.PDF.
https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR1252500A 27
Master Circular on Health Insurance Business, IRDAI, May
D1D6DF27491B900F3C41B7FAE460.PDF. 29, 2024, https://shorturl.at/W7ITM.
8
Union Budget of India, 2025-26, 28
Annexures to Master Circular on Health Insurance Business,
https://www.indiabudget.gov.in/. IRDAI, May 29, 2024, https://shorturl.at/1jgxM.
9
Official X account of PIB India, 29
Master Direction – Reserve Bank of India (Asset
https://x.com/PIB_India/status/1879833525706539057.
Reconstruction Companies) Directions, 2024, Reserve Bank of
10
“8th Pay Commission for govt employees approved by India, April 24, 2024,
Cabinet”, Indian Express, as accessed on January 30, 2025, https://rbidocs.rbi.org.in/rdocs/notification/PDFs/115MD240424
https://indianexpress.com/article/india/8th-pay-commission- 2C46DA28A8444FAE9BD210D08DC3D1C1.PDF.
govt-staffers-pensioners-9782164/. 30
The Securitisation and Reconstruction of Financial Assets and
11
“Cabinet approves Unified Pension Scheme”, Press Enforcement of Security Interest Act, 2002,
Information Bureau, Cabinet, August 24, 2024, https://www.indiacode.nic.in/bitstream/123456789/2006/1/A200
https://pib.gov.in/PressReleasePage.aspx?PRID=2048607. 2-54.pdf.
12
“GM CR briefs the Media on Unified Pension Scheme for 31
Review of regulatory framework for HFCs and harmonisation
Employees”, Press Information Bureau, Ministry of Railways, of regulations applicable to HFCs and NBFCs, Reserve Bank of
August 26, 2024, India, August 12, 2024,
https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2048953 https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NT618E21D4
13
The Income-Tax Bill, 2025, Lok Sabha, E059654A64844371A4336600F1.PDF.
https://sansad.in/getFile/BillsTexts/LSBillTexts/Asintroduced/In 32
Review of regulatory framework for Housing Finance
come%20tax213202522837PM.pdf?source=legislation. Companies (HFCs), Reserve Bank of India, October 22, 2020,
14
The Income-Tax Act, 1961, https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NT605BE165
https://incometaxindia.gov.in/documents/income-tax-act-1961- AA9E8043EFA087339829CCF469.PDF.
amended-by-finance-no.-2-act-2024.pdf. 33
Voluntary Transition of Small Finance Banks to Universal
15
Master Directions - Reserve Bank of India (Priority Sector Banks, Reserve Bank of India, April 26, 2024,
Lending – Targets and Classification) Directions, 2025, Reserve https://rbidocs.rbi.org.in/rdocs/notification/PDFs/CIRCULARV
Bank of India, March 24, 2025, OLUNTARYTRANSITIONFROMSFBTOUBDC5035CA4F8C
https://rbidocs.rbi.org.in/rdocs/notification/PDFs/128MD66C4D 4761AF5A5069859F4340.PDF.
DCB167C4DC9A5BD913570CB3D47.PDF. 34
Small Finance Banks: Balancing Financial Inclusion and
16
RBI Releases Revised Priority Sector Lending Guidelines, Viability, RBI Bulletin, Reserve Bank of India, January 21,
Reserve Bank of India, March 24, 2025, 2021,
https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR2450721E https://www.rbi.org.in/Scripts/BS_ViewBulletin.aspx?Id=20021
454D5F784FF3ADF9434D52DD12CC.PDF. 35
Review of Master Direction - Non-Banking Financial
17
Master Directions – Priority Sector Lending (PSL) – Targets Company – Peer to Peer Lending Platform (Reserve Bank)
and Classification, Reserve Bank of India, September 4, 2020, Directions, 2017, Reserve Bank of India, August 16, 2024,
https://rbidocs.rbi.org.in/rdocs/notification/PDFs/MDPSL803EE https://rbidocs.rbi.org.in/rdocs/notification/PDFs/CIRCULARR
903174E4C85AFA14C335A5B0909.PDF. EVIEWMD0EF8079DFF124A3E9B223F4AAEE6D8A5.PDF.
18
“Government Approves Mutual Credit Guarantee Scheme to 36
Master Directions - Non-Banking Financial Company – Peer
Strengthen MSME Manufacturing Sector, fulfilling the budget to Peer Lending Platform (Reserve Bank) Directions, 2017,
announcement of 2024-25”, Press Information Bureau, Ministry Reserve Bank of India, October 4, 2017,

30
 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

ds_Regulation_and_Development_Amendment_Bill_As_passed
_by_RS.pdf.
https://rbidocs.rbi.org.in/rdocs/notification/PDFs/MDP2PB9A1F 53
7F3BDAC463EAF1EEE48A43F2F6C.PDF. Notification of the Ministry of Micro, Small and Medium
37 Enterprises, June 26, 2020,
SEBI Board Meeting, Securities and Exchange Board of India,
https://egazette.gov.in/(S(p05kyeo0sc0gsf31behlnssq))/ViewPD
September 30, 2024, https://www.sebi.gov.in/media-and-
F.aspx.
notifications/press-releases/sep-2024/sebi-board- 54
meeting_87154.html. Notification of the Ministry of Micro, Small and Medium
38 Enterprises, March 21, 2025,
SEBI Board Meeting, Securities and Exchange Board of India,
https://egazette.gov.in/(S(p05kyeo0sc0gsf31behlnssq))/ViewPD
April 30, 2024, https://www.sebi.gov.in/media-and-
F.aspx.
notifications/press-releases/apr-2024/sebi-board-
meeting_83115.html.
55
“Cabinet approves Electronics Component Manufacturing
39 Scheme for making India Atmanirbhar in electronics supply
SEBI Board Meeting, Securities and Exchange Board of India,
chain”, Press Information Bureau, Cabinet, March 28, 2025,
December 18, 2024, https://www.sebi.gov.in/media-and-
https://pib.gov.in/PressReleasePage.aspx?PRID=2116172.
notifications/press-releases/dec-2024/sebi-board-
meeting_90042.html.
56
“Cabinet approves 12 Industrial nodes/cities under National
40 Industrial Corridor Development Programme”, Press
SEBI Board Meeting, Securities and Exchange Board of India,
Information Bureau, Cabinet Committee on Economic Affairs,
March 24, 2025, https://www.sebi.gov.in/media-and-
August 28, 2024,
notifications/press-releases/mar-2025/sebi-board-
https://pib.gov.in/PressReleasePage.aspx?PRID=2049312.
meeting_92900.html. 57
“Government of India developing 11 Industrial Corridor
41
SEBI/ HO/ AFD/ AFD – PoD – 2/ CIR/ P/ 2023/ 148,
Projects across the country in phased manner”, Press
Securities and Exchange Board of India, August 24, 2023,
Information Bureau, Ministry of Commerce and Industry,
https://www.sebi.gov.in/legal/circulars/aug-2023/mandating-
August 11, 2024,
additional-disclosures-by-foreign-portfolio-investors-fpis-that-
https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1947855
fulfil-certain-objective-criteria_75886.html.
42
58
“Department of Commerce introduces Diamond Imprest
SEBI Board Meeting, June 27, 2024,
Authorization Scheme to boost global competitiveness of
https://www.sebi.gov.in/media-and-notifications/press-
diamond sector “, Ministry of Commerce and Industry, Press
releases/jun-2024/sebi-board-meeting_84448.html.
43
Information Bureau, January 21, 2025,
Consultation Paper on permitting increased participation of https://www.pib.gov.in/PressReleasePage.aspx?PRID=2094862.
Non – Resident Indians (NRIs) and Overseas Citizens of India 59
“Frequently Asked Questions – The Status Holder Certificate
(OCIs) into SEBI registered Foreign Portfolio Investors (FPIs)
System”, Directorate General of Foreign Trade, as accessed on
based out of International Financial Services Centres (IFSCs) in
January 28, 2025
India and regulated by the International Financial Services
https://content.dgft.gov.in/Website/DGFT%20FAQs%20-
Centres Authority (IFSCA), Securities and Exchange Board of
%20Status%20Holder%20Certificate%20v1.0.pdf.
India, August 25, 2023, https://www.sebi.gov.in/reports-and-
statistics/reports/aug-2023/consultation-paper-on-permitting-
60
Notification No. 53, “Introduction of New Scheme as
increased-participation-of-non-resident-indians-nris-and- ‘Diamond Imprest Authorisation” under Chapter 4 of Foreign
overseas-citizens-of-india-ocis-into-sebi-registered-foreign- Trade Policy 2023, Ministry of Commerce and Industry,
portfolio-investors-fpis-based-out-of-int-_75915.html. January 21, 2025,
https://static.pib.gov.in/WriteReadData/specificdocs/documents/
44
“Department of Economic Affairs amends Foreign Exchange
2025/jan/doc2025121487601.pdf.
Management (Non-debt Instruments) Rules, 2019 in pursuance 61
of Union Budget 2024-25 announcement”, Press Information F.No.1(10)/2018-SP-I., Ministry of Consumer Affairs, Food
Bureau, Ministry of Finance, August 16, 2024, and Public Distribution, March 6, 2025,
https://pib.gov.in/PressReleasePage.aspx?PRID=2046086. https://egazette.gov.in/(S(nh0lso2hcvqhqktgtx0ffcu4))/ViewPD
45 F.aspx.
S.O. 3492(E), Ministry of Finance, August 16, 2024,
https://static.pib.gov.in/WriteReadData/specificdocs/documents/
62
“Centre notifies scheme for Cooperative Sugar Mills for
2024/aug/doc2024816377701.pdf. conversion of existing sugarcane-based feedstock ethanol plants
46 to multi-feedstock based plants”, Press Information Bureau,
S.O. 3732(E), Ministry of Finance, October 17, 2019,
Ministry of Consumer Affairs, Food and Public Distribution,
https://enforcementdirectorate.gov.in/sites/default/files/Act%26r
March 7, 2025,
ules/Foreign%20Exchange%20Management%20%28Non-
https://pib.gov.in/PressReleasePage.aspx?PRID=2109157.
Debt%20Instrument%29%20Rules%2C%202019%20-
%20without%20amendment_2.pdf.
63
“Cabinet approves BioE3 (Biotechnology for Economy,
47 Environment and Employment) Policy for Fostering High
Norms for sharing of real time price data to third parties,
Performance Biomanufacturing”, Press Information Bureau,
Securities and Exchange Board of India, May 24, 2024,
Ministry of Science & Technology, August 24, 2024, https://pib.
https://www.sebi.gov.in/legal/circulars/may-2024/norms-for-
gov. in/PressReleseDetail. aspx?PRID=2048569.
sharing-of-real-time-price-data-to-third-parties_83572.html. 64
“These 'biofoundries' use DNA to make natural products we
48
“Cabinet approves Incentive scheme for promotion of low-
need”, Manufacturing and Value Chains, World Economic
value BHIM-UPI transactions (P2M)”, Press Information
Forum, October 28, 2019, https://www. weforum.
Bureau, Cabinet, March 19, 2025,
org/agenda/2019/10/biofoundries-the-new-factories-for-genetic-
https://pib.gov.in/PressReleasePage.aspx?PRID=2112771.
products/.
49
“NPS Vatsalya: A Groundbreaking Pension Scheme for 65
Union Cabinet approves establishment of Rs.1,000 crore
Minors”, Press Information Bureau, Ministry of Finance,
Venture Capital Fund for Space Sector under aegis of IN-
September 20, 2024,
SPACe, Department of Space, Press Information Bureau,
https://static.pib.gov.in/WriteReadData/specificdocs/documents/
October 24, 2024,
2024/sep/doc2024920398401.pdf.
50
https://pib.gov.in/PressReleasePage.aspx?PRID=2067667
F. NO-CSR/13/35/2024, Ministry of Corporate Affairs, 66
Civil Appeal (4056-4064 of 1999), Mineral Area
October 3, 2024,
Development Authority Etc versus M/S Steel Authority of India
https://pminternship.mca.gov.in/assets/docs/PMIS_Guidelines.p
and Others, Supreme Court, July 25, 2024,
df.
51
https://api.sci.gov.in/supremecourt/1999/9012/9012_1999_1_15
The Boilers Bill, 2024, 01_54138_Judgement_25-Jul-2024.pdf.
https://prsindia.org/files/bills_acts/bills_parliament/2024/Boilers 67
Mines and Minerals (Development and Regulation) Act, 1957,
_Bill,_2024_as_passed_by_RS.pdf.
52
https://www.indiacode.nic.in/bitstream/123456789/1421/3/A195
The Oilfields (Regulation and Development) Amendment 7-67.pdf.
Bill, 2024,
https://prsindia.org/files/bills_acts/bills_parliament/2024/Oilfile

31
 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

released on June 4, 2024,

https://dfpd.gov.in/Home/ContentManagement?Url=edible_oil_
68
Entry 50, List II – State List, Seventh Schedule, Constitution
scenario.html&ManuId=3&language=1.
of India, Legislative Department, Ministry of Law and Justice,
https://lddashboard.legislative.gov.in/sites/default/files/COI...pd
87
“Cabinet accords approval for progressive expansion of
f. Central Sector Scheme of Agriculture Infrastructure Fund”,
69 Press Information Bureau, Cabinet, August 28, 2024,
Offshore Areas Mineral Conservation Development Rules
https://pib.gov.in/PressReleasePage.aspx?PRID=2049318.
2024, Ministry of Mines,
https://egazette.gov.in/(S(tileqymlr23uif5tuymawm5r))/ViewPD
88
“Cabinet approves the PM Rashtriya Krishi Vikas Yojana
F.aspx. (PM-RKVY) to promote sustainable agriculture and Krishonnati
70 Yojana (KY) to achieve food security for self sufficiency”, Press
The Offshore Areas Mineral (Development and Regulation)
Information Bureau, Cabinet, October 3, 2024,
Act, 2002,
https://pib.gov.in/PressReleasePage.aspx?PRID=2061649.
https://www.indiacode.nic.in/bitstream/123456789/2040/6/a200
3-17.pdf
89
“Cabinet approves continuation of supply of free Fortified
71 Rice under Pradhan Mantri Garib Kalyan Anna Yojana
Offshore Areas Mineral Trust Rules, 2024, Ministry of Mines,
(PMGKAY) and other welfare schemes from July, 2024 to
August 9, 2024,
December, 2028”, Press Information Bureau, Cabinet, October
https://egazette.gov.in/WriteReadData/2024/256256.pdf.
72
9, 2024,
Offshore Areas Mineral (Auction) Rules, 2024, Ministry of https://pib.gov.in/PressReleasePage.aspx?PRID=2063446.
Mines, August 14, 2024, 90
Operational Guidelines for National Mission on Natural
https://egazette.gov.in/WriteReadData/2024/256437.pdf.
73
Farming, Ministry of Agriculture and Farmers Welfare,
The Offshore Areas Mineral (Development and Regulation) https://www.agriwelfare.gov.in/Documents/HomeWhatsNew/G
Amendment Act, 2023, uidelineofNMNF_FinalApproved_27122024.pdf.
https://mines.gov.in/admin/storage/app/uploads/64d9e910d2ea2 91
The Telecommunication (Broadcasting And Cable) Services
1692002576.pdf.
74
(Eighth) (Addressable Systems) Tariff (Fourth Amendment)
Cabinet approves Minimum Support Prices (MSP) for Kharif Order, 2024, TRAI, July 8, 2024,
Crops for Marketing Season 2024-25, Union Cabinet, Press https://www.trai.gov.in/sites/default/files/Regulation_Tariff_4th
Information Bureau, June 19, 2024, _amd_08072024_0.pdf.
https://www.pib.gov.in/PressReleasePage.aspx?PRID=2026697. 92
The Telecommunication (Broadcasting And Cable) Services
75
“Cabinet approves Minimum Support Prices (MSP) for Rabi Interconnection (Addressable Systems) (Sixth Amendment)
Crops for Marketing Season 2025-26”, Press Information Regulations, 2024, TRAI, July 8, 2024,
Bureau, Cabinet Committee on Economic Affairs, October 16, https://www.trai.gov.in/sites/default/files/Regulation_Interconne
2024, https://pib.gov.in/PressReleasePage.aspx?PRID=2065309. ctionj_6th_08072024_0.pdf.
76
National Food Security Act, 2013, 93
The Telecommunication (Broadcasting And Cable) Services
https://www.indiacode.nic.in/bitstream/123456789/2113/1/2013 Standards Of Quality Of Service And Consumer Protection
20.pdf. (Addressable Systems) (Fourth Amendment) Regulations, 2024,
77
“Cabinet approves continuation of schemes of Pradhan Mantri TRAI, July 8, 2024,
Annadata Aay Sanrakshan Abhiyan”, Press Information Bureau, https://www.trai.gov.in/sites/default/files/Regulation_qos_4th_0
Cabinet, September 18, 2024, 8072024_0.pdf.
https://pib.gov.in/PressReleasePage.aspx?PRID=2055990. 94
Consultation Paper on Review of Regulatory Framework for
78
“Cabinet approves Nutrient Based Subsidy rates for Rabi Broadcasting and Cable services, TRAI, August 8, 2023,
Season, 2024 on Phosphatic and Potassic fertilisers”, Press https://www.trai.gov.in/sites/default/files/CP_08082023_0.pdf.
Information Bureau, September 18, 2024, 95
Recommendations on Telecommunication Infrastructure
https://pib.gov.in/PressReleasePage.aspx?PRID=2055984. Sharing, Spectrum Sharing and Spectrum Leasing, TRAI, April
79
“Cabinet approves Nutrient Based Subsidy rates for Kharif, 24, 2024,
2025 on Phosphatic and Potassic fertilisers”, Press Information https://www.trai.gov.in/sites/default/files/Recommendation_240
Bureau, Ministry of Chemicals and Fertilisers, March 28, 2025, 42024_0.pdf.
https://pib.gov.in/PressReleasePage.aspx?PRID=2116179. 96
Encouraging Innovative Technologies, Services, Use Cases
80
“Cabinet approves the Clean Plant Programme under Mission and Business Models through Regulatory Sandbox in Digital
for Integrated Development of Horticulture”, Press Information Communication Sector, TRAI, April 12, 2024,
Bureau, Cabinet, August 9, 2024, https://www.trai.gov.in/sites/default/files/Recommendation_120
https://pib.gov.in/PressReleasePage.aspx?PRID=2043920. 42024.pdf.
81
“Clean Plant Programme – A major leap forward in 97
G.S.R. 88(E), The Gazette of India, Ministry of Electronics
horticulture sector”, Press Information Bureau, Ministry of and Information Technology, January 31, 2025,
Agriculture and Farmers Welfare, August 11, 2024, https://egazette.gov.in/WriteReadData/2025/260652.pdf.
https://static.pib.gov.in/WriteReadData/specificdocs/documents/ 98
The Aadhaar Authentication for Good Governance (Social
2024/aug/doc2024811373301.pdf. Welfare, Innovation, Knowledge) Rules, 2020,
82
“Launch of National Mission on Natural Farming”, Press https://uidai.gov.in/images/4_Aadhaar_Authentication_for_Goo
Information Bureau, Cabinet, November 25, 2024, d_Governance_Social_Welfare_Innovation_Knowledge_Rules_
https://pib.gov.in/PressReleasePage.aspx?PRID=2077094. 2020.pdf.
83
“Union Food and Consumer Affairs Minister launches Credit 99
The Aadhaar (Target Delivery of Financial and Other
Guarantee Scheme for e-NWR based pledge Financing (CGS- Subsidies, Benefits, and Services) Act, 2016,
NPF)”, Press Information Bureau, Ministry of Consumer https://www.indiacode.nic.in/bitstream/123456789/2160/5/A201
Affairs, Food and Public Distribution, December 16, 2024, 6-18.pdf.
https://pib.gov.in/PressReleasePage.aspx?PRID=2085018. 100
No. L-1/270/2023/CERC, Central Electricity Regulatory
84
“Warehousing Development Regulatory Authority organises Commission (Procedure, Terms and Conditions for grant of
one day conference on e-NWR”, Press Information Bureau, Transmission Licence and other related matters) Regulations,
Ministry of Consumer Affairs, Food and Public Distribution, 2024, The Gazette of India, Central Electricity Regulatory
August 18, 2023, Commission, June 14, 2024,
https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1950221 https://cercind.gov.in/regulations/188-Noti.pdf.
85
“Cabinet Approves National Mission on Edible Oils – 101
No. L-7/165(180)/2008-CERC, Central Electricity
Oilseeds (NMEO-Oilseeds) for 2024-25 to 2030-31”, Press Regulatory Commission (Procedure, Terms and Conditions for
Information Bureau, Cabinet, October 3, 2024, grant of Transmission Licence and other related matters)
https://pib.gov.in/PressReleasePage.aspx?PRID=2061646. Regulations, 2009, Central Electricity Regulatory Commission,
86
Third Advance Estimates of production of Foodgrains,
Oilseeds and Other Commercial Crops for the year 2023-24 –
32
 Annual Policy Review: April 2024 – March 2025 PRS Legislative Research

119
Convention on International Interests in Mobile Equipment,
2001,
June 2, 2009,
https://www.icao.int/sustainability/Documents/CPTConvention_
https://cercind.gov.in/2016/regulation/GZT/40.pdf.
102
AnnexA.pdf.
Regulation 2 (8), The Central Electricity Authority 120
Protocol to the Convention on International Interests in
(Technical Standards for Connectivity to the Grid) Regulations,
Mobile Equipment on Matters specific to Aircraft Equipment,
2007, https://cea.nic.in/wp-
2001,
content/uploads/2020/02/grid_connect_reg.pdf.
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