Union Budget 2024 kicks off with halwa ceremony. Why is it so important? All the details

The Halwa ceremony, marking the final stage of the Budget preparation process for Union Budget 2024, was held in North Block, today, in the presence of Finance & Corporate Affairs Minister Nirmala Sitharaman.   

This tradition marks the commencement of the budget document printing, an event steeped in significance and anticipation among stakeholders awaiting major policy shifts in Modi 3.0's first full budget on July 23.

Last Thursday, Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman, and key economists convened to fine-tune the Union Budget. With discussions heating up around potential tax breaks and increased sectoral funding, the buzz is palpable. 

What is the Halwa Ceremony?

True to its name, the halwa ceremony is the preparation of the traditional Indian sweet dish in a large ‘kadhai’ at North Block. The Finance Minister herself stirs the pot, underscoring the hard work of the finance ministry officials. This event signals the beginning of the crucial phase of printing the budget documents.

The halwa ceremony also marks the onset of a stringent lockdown within the finance ministry. Once the ceremony concludes, no official involved in the budget process is allowed to leave the ministry premises until the budget is presented in Parliament. This tradition has been strictly observed since a budget leak in 1950 led to the resignation of then Finance Minister John Matthai. 

Since 1980, the basement of North Block has been the dedicated site for budget printing.

From the salaried class to students, senior citizens, women, and business professionals, all eyes are on Finance Minister Nirmala Sitharaman as they hope for favorable budget announcements. Key sectors are particularly keen on tax holidays, GST exemptions, and increased allocations.

As the anticipation builds, the halwa ceremony remains a pivotal and celebrated prelude to the Union Budget, underscoring the meticulous preparation and the high stakes involved in this annual fiscal exercise.