Budget 2024: Halwa ceremony organized in North Block, Finance Minister participated, know its importance

The Halwa ceremony, marking the final stage of the budget preparation process for the Interim Union Budget 2024, was held today at North Block in the presence of Union Minister of Finance and Corporate Affairs Nirmala Sitharaman and Union Minister of State for Finance Dr Bhagwat Karad. A traditional Halwa ceremony is held every year before the “lock-in” process of budget preparation begins. Exactly a week from today, Union Finance Minister Nirmala Sitharaman will present the final budget (for fiscal year 2024-25) of the second five-year term of the Narendra Modi government on February 1. The budget will be ‘interim’; The reason for this is the upcoming general elections to be held in April-May. The full budget will be unveiled by the incoming government later this year.

Halwa Ceremony: What is it and its significance?

For Indians, celebrations are somewhat associated with eating ‘sweets’ and the same is true for our annual account statement process and the people associated with that important task. The Halwa ceremony is a unique pre-budget tradition celebrated in India, marking the final stage of the Union Budget preparation process. Amidst the huge process of budget making, there is one tradition, which is widely accepted by budget makers and seen as a sweet gesture and appreciation. Before the budget an occasion is celebrated by the Finance Ministry, called ‘Halwa Ceremony’, which marks the beginning of the budget printing process. The Finance Minister presides over the ceremony while stirring a large pot of halwa in the basement of the Finance Ministry. The sweets are then distributed to the officials and staff of the ministry involved in the preparation of the budget.

Halwa Ceremony Process

Every year, the government follows this annual tradition of organizing the Halwa ceremony a few days before the presentation of the budget in Parliament. As part of the ritual, halwa is prepared in a traditional ‘kadhai’ (large pan) and served to the entire staff involved in the budget making process for the country. The Finance Minister stirs the sweets and serves them to colleagues. This dish is distributed to each staff member and the ceremony recognizes and appreciates the efforts of those who have been a part of the process.

The government is likely to significantly increase allocation for agriculture sector schemes and emphasize credit in the interim budget to be presented on February 1 to boost the rural economy. The growth rate of the agricultural sector is estimated to decline to 1.8 percent in the financial year 2023-24 from four percent a year ago. Finance Minister Nirmala Sitharaman is scheduled to present the interim budget on February 1, which will be the last major economic document of the Narendra Modi-led government before the 2024 Lok Sabha elections. In the interim budget presented before the 2019 general elections, the government had announced the PM-Kisan Samman Nidhi, under which small farmers are provided financial assistance of up to Rs 6,000 annually.

Delhi | The Halwa ceremony, marking the final stage of the Budget preparation process for Interim Union Budget 2024, was held in North Block, today, in the presence of Union Finance & Corporate Affairs Minister Nirmala Sitharaman and Union Minister of State for Finance Dr.… pic.twitter.com/7l2ME5E4F7

— ANI (@ANI) January 24, 2024