Halwa Ceremony Marks Budget Preparation
The Halwa ceremony is a significant event in India’s financial calendar. It symbolizes the final stage of preparing the Union Budget for the upcoming fiscal year. This year, the ceremony will take place on January 24, 2025, at 5 PM in North Block, with Union Finance Minister Nirmala Sitharaman presiding over the event. The ceremony is not just a formality; it marks the beginning of a crucial period for the officials involved in drafting the budget. The budget session of Parliament will commence shortly after, on January 31, and will conclude on April 4, with a break in between. President Droupadi Murmu will address a joint session of both houses of Parliament on the first day of the session.
Understanding the Halwa Ceremony
The Halwa ceremony is a traditional ritual that occurs just days before the budget is presented in Parliament. During this event, a special sweet dish called “halwa” is prepared and served to the officials and staff who have worked tirelessly on the budget. This ceremony is steeped in tradition and serves as a moment of celebration for the team involved in the budget preparation.
After the halwa is served, the officials enter a ‘lock-in’ period. This means they remain confined within the North Block premises, cut off from external communication. They are prohibited from using mobile phones or any other devices that could leak sensitive information. This strict protocol is in place to ensure that the details of the budget remain confidential until the official presentation in Parliament.
The budget documents are sent for printing only after receiving approval from the Prime Minister. To further safeguard the process, the Intelligence Bureau conducts surprise inspections of the printing press located in the ministry’s basement. This meticulous approach highlights the importance of maintaining secrecy during this critical time.
Nirmala Sitharaman’s Historic Budget Presentation
The upcoming Budget 2025 will be particularly noteworthy as it will be Sitharaman’s seventh budget presentation. This achievement surpasses the previous record held by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964. Sitharaman’s tenure has been marked by significant economic challenges and opportunities, making her budget presentations pivotal moments in India’s economic landscape.
In line with recent trends, the Budget 2025 will also be delivered in a paperless format. This shift towards digitalization reflects the government’s commitment to sustainability and efficiency. As the economy faces challenges, including weak GDP growth and consumption, the upcoming budget will be closely scrutinized. The Indian economy grew by only 5.4 percent in real terms during the July-September quarter of the current financial year, falling short of the Reserve Bank of India’s forecast of 7 percent.
Economic Context for Budget 2025
The backdrop for Budget 2025 is a complex economic landscape. The Indian economy has shown resilience in the past, achieving impressive growth rates. For instance, it grew by 8.2 percent during the financial year 2023-24, making it the fastest-growing major economy. However, recent data indicates a slowdown. The Reserve Bank of India has revised its growth forecast for 2024-25 down to 6.6 percent from an earlier estimate of 7.2 percent.
The Economic Survey presented in Parliament earlier this year projected India’s real GDP growth conservatively at 6.5-7 percent for 2024-25. This projection acknowledges that market expectations are higher, reflecting the optimism surrounding India’s economic potential. As the government prepares to unveil the budget, the focus will be on addressing the challenges of weak consumption and fostering growth.
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