New Delhi: The Union Cabinet today cleared President Ram Nath Kovind's speech which he will deliver in Parliament at a joint sitting of both the Houses on February 29, the first day of the Budget session, official sources said.

Prime Minister Narendra Modi, who returned from Davos today, chaired the Cabinet meeting during which MoUs India was likely to sign with ASEAN countries in the next few days were also cleared.

In an unprecedented event, all the ASEAN leaders will also be the chief guests at the Republic Day parade.

ASEAN comprises Thailand, Vietnam, Indonesia, Malaysia, the Philippines, Singapore, Myanmar (Burma), Cambodia, Laos and Brunei.

Kovind's speech, sources said, will highlight the government's focus on development and efforts to empower the backward and weaker sections of the society.

The first leg of the Budget session is scheduled between January 29-February 9 during which the BJP-led government will present its last full-fledged budget.