Finance Minister Nirmala Sitharaman will present the second full Budget of the Modi 3.0 government on February 1. In India, it is customary to start any significant or auspicious task with something sweet. The tradition also finds its place in the Budget presentation.
The Finance Ministry will host the halwa ceremony, likely around Republic Day. This signals the final stage of Budget preparation.
What Happens At Halwa Ceremony?
A large batch of halwa, a classic Indian dessert, is prepared in the ministry's kitchen. The Finance Minister inaugurates the event by stirring the halwa in a large kadhai and serves it to the staff and officials involved in Budget preparations.
Significance Of Halwa Ceremony
Following the halwa ceremony, officials drafting the Budget enter a 'lock-in' period. They remain confined within the North Block premises, cut off from external communication, and are prohibited from using mobile phones. This ensures that Budget details are not leaked before the official presentation in Parliament.
After the halwa ceremony, Budget documents are sent for printing, but only after receiving approval from the Prime Minister. To safeguard the process further, the Intelligence Bureau conducts surprise inspections of the printing press in the ministry's basement.
A Goldman Sachs report on India's FY26 Union Budget has highlighted concerns about fiscal consolidation and government spending. The government plans to reduce the fiscal deficit to 4.4-4.6 per cent of GDP, down from 4.9 per cent in FY25, to manage high public debt.
Public capital spending will slow, and welfare spending is expected to return to pre-pandemic levels. The Budget is likely to focus on job creation, supporting small businesses, rural housing, and managing food supply to control prices, the Goldman Sachs report said. It will also likely address public debt and energy security, the report added.
