Budget 2025: Halwa Ceremony Signals Start of Budget Preparations
The traditional Halwa ceremony, a significant event in the lead-up to the annual budget, is scheduled to be performed by Finance Minister Nirmala Sitharaman for the 2025 Budget. This ceremony, which signals the final phase of budget preparation, will take place on Friday, January 24, at North Block. It will be the eighth Halwa ceremony for Sitharaman since she became Finance Minister.
Minister of State Pankaj Chaudhary, along with other key secretaries and officials involved in the budget process, will also participate in the ceremony.
The Finance Minister is expected to present the Budget in the upper house of Parliament on February 1, 2025, at 11:00 AM. The Parliamentary session will begin on January 31, 2025, and is scheduled to conclude on April 4.
What to Expect in the 2025 Budget?
The 2025 Union Budget is anticipated to take a balanced approach, focusing on both economic growth and fiscal responsibility. The government is likely to emphasize infrastructure development as a key measure to reduce logistics costs, while also keeping the fiscal deficit within projected limits.
Taxation policies may see a rationalization of capital gains tax to encourage broader market participation. While there has been speculation about a possible reduction in the Securities Transaction Tax (STT), this is considered unlikely due to the government's revenue priorities. However, there could be targeted relief for individual taxpayers through higher deductions under section 80C and potential changes in the new tax regime to boost consumer spending.
The government is also expected to continue expanding the Production-Linked Incentive (PLI) scheme and may introduce new incentives to encourage research and development, aiming to position India as a global innovation hub. The budget is likely to address the economic implications of the falling rupee, potentially creating opportunities to boost exports, while also navigating global economic uncertainties and protectionist policies.
Understanding the Halwa Ceremony
The Halwa ceremony is a traditional event that takes place annually before the "lock-in" phase of the Budget preparation begins. It usually occurs a few days before the start of the budget session in Parliament. The ceremony signifies the start of the printing process for the Union Budget.
During the ceremony, a large vessel is filled with ghee, sugar, wheat flour, and sometimes nuts. The mixture is cooked slowly over a flame until it thickens to form halwa. This halwa is then distributed among the staff and officials involved in the budget-making process.
Key Aspects of the Halwa Ceremony
- Secrecy: A notable aspect of the Halwa Ceremony is its connection to secrecy. Following the ceremony, the officials involved in the budget preparation are confined to their offices until the budget is presented in Parliament. Communication is closely monitored, and movement is restricted to maintain confidentiality.
- Tradition: The Halwa Ceremony is deeply rooted in Indian culture and tradition. The preparation and sharing of sweets is a significant part of many Indian ceremonies and festivals, bridging tradition and governance.
- Public Awareness: While primarily an internal government event, the Halwa Ceremony also serves to raise public awareness about the upcoming budget. The event often attracts media attention, sparking discussions about fiscal policies and the government's priorities.
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