Finance Ministry Completes Budget Preparations with Halwa Ceremony: Nirmala Sitharaman Set to Make History

Union Budget 2024-25 to be Presented on July 23

Preparations for the Union Budget 2024-25 have been completed. With the commencement of the printing of budget-related documents, the traditional Halwa Ceremony was held this evening (July 16). This event took place at the Union Finance Ministry located in North Block, Delhi.

A video of the event has been shared on the social media platform X, in which Finance Minister Nirmala Sitharaman is seen serving halwa to the ministry officials. Union Ministers of State for Finance Dr. Bhagwat Kishanrao Karad, Pankaj Chaudhary, and senior officials of the Finance Ministry were also present on the occasion.

Finance Minister Nirmala Sitharaman will be presenting the budget for the seventh consecutive time, making her the first Finance Minister in the country to do so. Prior to this, Morarji Desai had presented six consecutive budgets. This budget will be the first full budget of the new government, following the interim budget presented in February. The budget session will run from July 22 to August 12.

Halwa Ceremony Marks the Beginning of Union Budget 2024-25 Preparation

On July 23, the Union Budget 2024-25 will be presented, and preparations have been completed. With the start of printing budget-related documents, the traditional Halwa Ceremony was held this evening (July 16). The event took place at the Ministry of Finance, located in North Block, New Delhi.

No Halwa Ceremony Celebrations for Two Years Due to COVID-19

Before the budget is finalized, Halwa is prepared in the Ministry of Finance. This tradition has been followed for a long time. The main reason for celebrating the Halwa Ceremony is to start the auspicious work with sweets. This tradition was not celebrated in 2021 and 2022 due to the COVID-19 pandemic. Instead, key staff members were given sweets following COVID protocols.

Employees Involved in Budget Process Kept Under Vigil Until Presentation

After the Halwa Ceremony, the budget printing process begins. Until its presentation, all officers and assistant staff involved in the printing process remain confined within the ministry. During this period, officers are not allowed to use their phones and cannot meet their families until the budget is presented. This practice aims to maintain the confidentiality of the budget. The tradition of keeping employees under vigil (within the office) started after the budget copy was leaked in 1950.

This Budget May Focus on Tax Relief and Farmers

This budget may focus on providing tax relief to the middle class, empowering women, increasing farmers’ income, and employment:

• The standard deduction limit might be increased from ₹50,000 to ₹1,00,000.
• Significant announcements may be made in the defense, railway, infrastructure, and renewable energy sectors.
• Consideration may be given to reducing the angel tax imposed on startups.
• A PLI scheme worth ₹40,000 crore for electronics sub-assembly and components is possible.
• Reforms in the Insolvency and Bankruptcy Code (IBC) 2.0 might be introduced.
• Andhra Pradesh could receive a special package worth ₹1 lakh crore.
  

Interim Budget Presented on February 1, 2024

This year, with Lok Sabha elections scheduled in April and May, the government presented an interim budget on February 1. Nirmala Sitharaman focused her budget on the poor, women, youth, and farmers.

Nirmala to Set New Record, Morarji Desai Presented Budget Six Times Consecutively

When Nirmala Sitharaman presents the budget on July 23, she will become the first finance minister of the country to do so seven times consecutively. Previously, Morarji Desai presented the budget six times consecutively. However, Morarji holds the record for presenting the budget the most number of times, with a total of 10 presentations. Following him, P. Chidambaram and Pranab Mukherjee presented the budget nine times each. Yashwantrao Chavan, C.D. Deshmukh, and Yashwant Sinha presented the budget seven times. Manmohan Singh and T. Krishnamachari presented the budget six times.