Finance Minister Nirmala Sitharaman on Tuesday participated in a traditional 'halwa' ceremony, marking the final stage for the preparation of the Union Budget 2026-27, to be unveiled on February 1 in the Lok Sabha.
Finance Minister Nirmala Sitharaman on Friday participated in a traditional 'halwa' ceremony, marking the final stage for the preparation of Union Budget 2025-26 to be unveiled on February 1 in the Lok Sabha. The ceremony is a customary ritual in which traditional dessert 'halwa' is prepared and served to officials and staff members of the finance ministry who are involved in the preparation of the Budget.
The Halwa ceremony, marking the final stage of the budget preparation process for Interim Union Budget 2024, was held in North Block on Wednesday in the presence of Union Finance Minister Nirmala Sitharaman. Union Minister of State for Finance Dr Bhagwat Kisanrao Karad was also present. A customary halwa ceremony is performed every year before the "lock-in" process of Budget preparation begins.
Finance Minister Nirmala Sitharaman on Tuesday participated in a traditional 'halwa' ceremony, marking the final stage for preparation of Union Budget 2024-25 to be unveiled on July 23 in Lok Sabha. The ceremony is a ritual in which traditional dessert 'halwa' is prepared and served to officials and staff members of the finance ministry who are involved in the preparation of the Budget.
Halwa, a timeless Indian sweet that came to us from the Silk Route, is cherished for its richness.
The 'halwa ceremony' marks the beginning of the lockdown of several officials in the finance ministry, who remain cut off from their families until the presentation of the Budget by the finance minister in the Lok Sabha.
As part of the ritual, ''halwa'' is prepared in a big ''kadhai'' (large frying pot) and served to the entire staff involved in the Budget making exercise of the ministry. Halwa was served while maintaining COVID protocol with all present in mask and those distributing sweets were wearing gloves.
The first Budget of Independent India was presented by R K Shanmukham Chetty on November 26, 1947.
With the Union Budget 2026, India's 74th, fast approaching, all eyes are once again on New Delhi's North Block as Finance Minister Nirmala Sitharaman is preparing to table it on February 1, 2026, marking her ninth Budget presentation in a row.
A large number of officials and support staff, who are directly associated with the Budget making and printing process, are now required to stay in the ministry and remain cut off from their families till the presentation of the Budget in the Lok Sabha.
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As part of the long-standing ritual, the sweet dish is prepared in a large vessel and consumed by a large number of official and support staff who are required to stay in the North Block office till the presentation of the Budget, which is February 28 this year.
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Questioning the Congress's stand on caste census, the BJP leader made certain remarks on Gandhi's caste that triggered the uproar and had Congress members trooping into the well of the Lok Sabha. "Anurag Thakur insulted me and I don't want any apology from him. Abuse or insult me as hard as you can but don't forget we will pass the caste census in this Parliament for sure," the Leader of the Opposition said.
Although it is only going to be an interim budget this time, the Finance Ministry on Friday organised the ritual 'halwa' ceremony, which heralds the beginning of the quarantine for staff that will be associated with the preparation of the secret document.
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The finance minister continues to be backed by the same policy team in charting out the broad strategy as in the few earlier Budgets.
With the fiscal deficit target staring at the government, the FY25 Budget has limited expenditure options, points out A K Bhattacharya.
'We are confident that over the next few years the government will strike a fine balance between populist measures and growth, and manage coalition partners well.'
The interim Budget proposals that will be presented on February 1 in the backdrop of the general elections scheduled in April/May 2024 are likely to have a hint of populism, believe analysts, but are unlikely to derail the government from its path of fiscal prudence.
Seers from various 'akharas' took the first 'Amrit Snan' at the Maha Kumbh on Makar Sankranti on Tuesday as an unbroken stream of people converged at the Triveni Sangam on the occasion with around 3.5 crore devotees taking a dip.
Using the Mahabharat reference as a leitmotif, Leader of Opposition in the Lok Sabha Rahul Gandhi on Monday claimed that an atmosphere of fear prevails all around with a group of six trapping the entire country in a 'chakravyuh' he promised would be broken by the INDIA bloc.
Shah had on Tuesday attended a party event in Lucknow where he said that the Opposition is spreading rumours about the CAA.
'While the Budget would be growth-friendly, it would not come at the expense of an increase in the fiscal deficit.'
The Budget, to be presented on February 1, is likely to be less worried about fiscal deficit and will be focused more on nursing the fragile growth, according to a Wall Street brokerage report. Bank of America Securities India expects the budget to peg "fiscal deficit at a high 5 per cent of GDP for FY22 and 7.2 per cent for FY21, as it is likely to step up capex, recap public sector banks, push asset sales to break government monopolies, offer sops for real estate, tax cuts for lower income groups and creation of a bad bank". Its house economists expect these spends to be funded by debt and partly by imposing a cess on high income groups and also by some non-fiscal measures like tapping the central bank's revaluation reserves and bank recapitalisation and infra bonds.
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The fans were constantly chanting 'Garam Garam Seera Neeraj humara heera' and 'India-India'.
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It is possible that the final Budget architecture may be at variance with the comments.
'This government has always been fiscally conservative. It never resorted to fiscal profligacy.'
The main responsibility for producing the Budget rests with the Budget Division of the Department of Economic Affairs in the finance ministry
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Goyal is expected to discuss the targets for the banks for 2019-20, as well as priority sector lending, recovery on non-performing assets, and the bankruptcy proceedings of various companies, which owe money to the banks.
The regular 'band, bajaa, baraat' were missing but the festivities seemed intact as Punjab Chief Minister Bhagwant Mann turned groom for his wedding with a doctor from Kurukshetra at his home.
This will be the first time since the presentation of independent India's first budget on November 26, 1947, that the documents containing income and expenditure statement of the Union government along with finance bill, detailing new tax and other measures for the new financial year, will not be physically printed.
'90 is not impossible because if I am getting close, I can go beyond 90, maybe 92 or 93.' 'My main focus will be to first cross the 90 mark and then stay consistent in that score.'
That is what you will hear again after Nirmala Sitharaman presents a speech that will prove to be meaningless and numbers that will show themselves to be wildly off the mark, observes Aakar Patel.
'The fiscal situation is stressed (when is it not?!), economic growth has slowed, tax revenue has fallen short and the deficit is high if it is properly accounted,' points out T N Ninan.
Prime Minister Narendra Modi on Saturday attended the pre-wedding ceremony of Samajwadi Party supremo Mulayam Singh Yadav's grandnephew with Rashtriya Janata Dal chief Lalu Yadav's daughter, an event which saw the most powerful political families of Uttar Pradesh and Bihar coming together.
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