Omicron casts long shadow over some Budget traditions

The dark shadows of Omicron have cast a shadow over some traditions and surrounding events of the forthcoming Union Budget that is set to be presented on February 1 by Finance Minister Nirmala Sitharaman.

 

For the second consecutive year, the voluminous Budget comprising the finance minister’s speech, the union government’s annual financial statement, expenditure and revenue statements, the Finance Bill and the fiscal policy statement, among a total of 11 documents, is unlikely to be printed for mass circulation. Members of Parliament, the media and other stakeholders will only get digital copies of the Budget and Economic Survey documents. 
 
The government will continue to push people to download the Union Budget app, unveiled by the National Informatics Centre in 2020. Besides, all information on the Budget will be published as usual on the Press Information Bureau website and via social media platforms.

 
The iconic halwa ceremony is also likely to be downscaled to a bare minimum, as was the case last year. Traditionally, this ceremony, which marks the end of the Budget preparation exercise, is attended by nearly 100 people at the premises of the dedicated printing press at a basement in North Block. Last year too, attendance was kept minimal due to the spread of Covid-19. 

 

The Finance Minister’s customary post-Budget press conference that usually takes place around 3:30 p.m. every Budget day is on track, although the number of participants from the media may be limited due to Covid-19 restrictions.

 

Outside of Parliament and the government set up, the customary physical gatherings of industry representatives that are organised by the Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce and Industry (FICCI) are also set to be curtailed due to the renewed surge of Covid-19 infections.

 

“We are looking at a hybrid set up with a virtual gathering. A final call will be taken closer to the Budget day," said a CII spokesperson. FICCI is expected to follow suit.

 

Meanwhile, officials involved with the Budget exercise say preparations continue without pause. Many meetings are being conducted online and extra precautions are being taken as needed. At this stage of the Budget-making exercise, broad financial numbers are mostly baked in, with the Finance Minister’s speech being finalised closer to Budget day in order to accommodate any tweaks and last-minute flourishes.

 

The Finance Minister has already concluded pre-Budget stakeholders' consultations, meeting over 120 representatives from seven stakeholder groups over eight online meetings.

 

The stakeholder groups include representatives and experts from the agriculture sector, industry, financial sector and capital markets, trade and labour, as well as several economists. The stakeholder groups made several suggestions on various issues including increased R&D spending, infrastructure status for digital services, incentives to hydrogen storage and fuel cell development, rationalisation of income tax slabs and investments in online safety measures, among others.

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