Budget 2024 Halwa Ceremony- The Union Budget 2024-25 will be presented on July 23. Its preparations have been completed. Along with 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 in North Block, Delhi.
The video of the event has been shared on the social media platform X. In this, Finance Minister Nirmala Sitharaman is seen with halwa kept in a large iron pan. The Finance Minister served halwa to the officials of the ministry. Union Minister of State for Finance Dr. Bhagwat Kishanrao Karad, Pankaj Chaudhary and senior officials of the Finance Ministry were present on this occasion.
Finance Minister Nirmala Sitharaman will present the budget for the seventh consecutive time. She will become the first Finance Minister of the country to do so. Earlier, Morarji Desai had presented 6 consecutive budgets. This budget will be the first full budget of the new government. In February, the government presented the interim budget. The budget session will run from July 22 to August 12.
Â
Halwa Ceremony was Not Celebrated for Two Years Due to Covid-19
Halwa is prepared in the Finance Ministry before the budget is finalised. This ritual has been going on for a long time. Starting auspicious work with sweets is the main reason for celebrating the Halwa Ceremony. This ritual was not performed in the year 2021 and 2022 due to the Covid-19 pandemic. Instead, sweets were given to the core employees following the Covid protocol.
Employees Related to the Budget will Remain Under Surveillance Until the Budget is Presented
After the Halwa Ceremony, the process of printing the budget begins. Until it is presented, all the officials and support staff involved in printing are locked in the ministry. During this time, the officials are not allowed to use their phones. They cannot even meet their families until the budget is presented. The purpose of this is to keep the budget confidential. The tradition of keeping employees under house arrest (staying in the office) started in 1950 after the budget copy was leaked.
This Budget May Focus on Tax Relief and Farmers
- This budget may focus on giving tax relief to the middle class, women empowerment, increasing farmers’ income and employment.
- The standard deduction limit may be increased from ₹50,000 to ₹1,00,000.
- Many announcements may also be made in the defence, railways, infrastructure and renewable energy sectors.
- The government can consider reducing the angel tax imposed on startups.
- A PLI scheme worth ₹40,000 crore is likely for electronics sub-assemblies and components.
- Amendments may be brought in the Insolvency and Bankruptcy Code (IBC) 2.0.
- Andhra Pradesh may get a special package of Rs 1 lakh crore.
The Interim Budget was Presented on 1 February 2024
Lok Sabha elections were to be held in April-May this year, so the government presented the interim budget on February 1. Nirmala Sitharaman had focused her budget on the poor, women, youth and the farmers.
Finance Minister Nirmala Sitharaman gave a 58-minute budget speech on February 1, 2024.
What is a Full and Interim Budget? What is the Difference Between them?
The Union Budget is the annual financial statement of the country. In other words, the budget is an estimated statement of the government’s earnings and expenditure for a particular year.
Through the budget, the government tries to decide to what extent it can spend in comparison to its earnings in the coming financial year. The government has to present the budget at the beginning of every financial year. In India, the period of the financial year is from 1 April to 31 March.
The interim budget provides the government with funds to run the country until the general elections are decided and the full budget is announced after the formation of a new government. The term interim budget is not official. Officially it is called Vote on Account.
Nirmala Sitharaman will Set a New Record
Nirmala Sitharaman will become the first Finance Minister of the country to present the budget for the seventh time in a row on July 23. Earlier, Morarji Desai had presented six consecutive budgets. However, Morarji presented the budget for the maximum number of 10 times. After him, P. Chidambaram and Pranab Mukherjee presented the budget 9 times, Yashwant Rao Chavan, CD Deshmukh and Yashwant Sinha presented the budget 7 times. Manmohan Singh and T. Krishnamachari have presented the budget 6 times.
Now Understand the Complete Process of Budget
1. First of all, the Finance Ministry issues a circular asking all ministries, states, union territories, autonomous bodies to prepare estimates for the new year. Apart from giving estimates for the new year, they also have to give details of the expenditure and income of the previous year.
2. After receiving the estimate, top officials of the Central Government examine it. There is an in-depth discussion on it between the officials of the concerned ministries and the expenditure department. After this, the data is sent to the Finance Ministry with recommendations.
3. The Finance Ministry, after considering all the recommendations, allocates revenue to the departments for their expenditure. The Department of Revenue and Economic Affairs contacts representatives of farmers and small businessmen and foreign institutional investors to understand the situation in depth.
4. In the pre-budget meeting, the Finance Minister meets the concerned parties to know their proposals and demands. These include representatives of the states, bankers, agricultural scientists, economists and representatives of the employee organization. After the pre-budget meeting is over, the Finance Minister takes a final decision on all the demands. The Finance Minister also talks to the Prime Minister before finalizing the budget.
5.A few days before the presentation of the budget, the Halwa Ceremony takes place. Halwa prepared in a large pan is distributed among the staff of the Finance Ministry. With this, the printing process of the budget begins. The officers and support staff involved in the process remain in the ministry till the budget is presented. This financial year’s budget was not printed and its soft copy was given to the members of Parliament.
6.The Finance Minister presents the general budget in the Lok Sabha. Until 2016, it was presented on the last day of February. From 2017, it started being presented on 1 February every year. This year, for the first time, all the budget documents were made available on Union Budget mobile.
Disclaimer
Information here is for education only. Not investment advice. Consult a financial advisor for decisions."