Finance Minister Nirmala Sitharaman took part in the Halwa ceremony on Tuesday.
The final phase of preparing the Union Budget 2024-25 began with the traditional Halwa ceremony, attended by Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, in New Delhi, the Ministry of Finance wrote on its Twitter handle.
The task of preparing budget for the largest democracy in the world, housing 1.4 billion is a strenuous process. The responsibility is shouldered by the Ministry of Finance under the leadership of Finance Minister which then carries it out in three phases.
The Indian democracy is rooted in traditions, having sweets are central to any new beginning and so is the Halwa ceremony to the introduction of Government's annual budget. The ceremony is a celebration for all finance ministry officials and staffs involved in the lengthy process of budget-making and is a sign of good omen.
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The celebration takes place in the basement of finance ministry in New Delhi, which has a press where printing of the budget takes place. The halwa ceremony is an acknowledgement of the efforts of those involved in carving a roadmap for the economy. It is highlight event signifying transition from preparation to printing phase of the budget.
The process of preparing budget for the largest democracy in the world is a demanding task. The process starts months before its introduction the parliament and broadly categorised in three phases.
1st Phase : Discussion and Deliberation with Key Stakeholders
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The first phase starts when the Union Finance Ministry takes inputs from wide range of stakeholders in the country from agriculturalists to industrialists, understanding needs of different sectors and allocating funds to meet growing demands of various key areas of the economy. After months of deliberations, the annual financial statement is prepared.
2nd Phase : Beginning of the Printing Process and the Halwa ceremony
The next phase involves printing of the budget, which starts around ten days before the budget is introduced and is marked by the ritualistic Halwa ceremony. The second phase is also the one wherein officials involved in the printing go for 'lock-in' process.
3rd Phase : Introduction of the budget in the Lok Sabha
The third and the last phase is when the Finance Minister marches with 'budget briefcase' now shifted to tablet in red pouch introduced in Lok Sabha and the budget gets introduced. It starts with FM giving the introductory speech and followed by detailed discussions on various provisions of general budget.
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