
New Delhi, January 23: The ritualistic Halwa ceremony, marking the final touch to the preparation of the full Union Budget of 2025-26, is set to be held on Friday evening at the North Block. This ritual is an annual feature of India’s budget-making exercise and marks a ceremonial beginning to the printing and presentation of the Union Budget.
As per tradition, Finance Minister Nirmala Sitharaman will head the ceremony along with Minister of State Pankaj Chaudhary, senior finance ministry officials, and staff involved in the budget preparation process.
The ceremony involves the preparation of the Indian sweet dish, halwa, in a large kadhai. The Finance Minister ceremonially stirs the halwa and serves it to those engaged in the budget-making process, acknowledging their hard work and dedication. The Halwa ceremony also marks the commencement of the “lock-in” period, during which officials involved in preparing the budget remain confined to the ministry premises until the financial document is presented in Parliament.
Since 1980, printing the Union Budget has happened from the basement of the North Block. However, in recent years, the Budget has been handed over in a paperless format, as part of the government’s effort on digital initiatives.
Timeline of the Budget Session
The budget session of Parliament will begin on January 31 and end on April 4, with an inter-session break from February 14 to March 10. President Droupadi Murmu will address the joint sitting of both Houses of Parliament on January 31, while Finance Minister Nirmala Sitharaman will present the Union Budget on February 1.
Sitharaman’s Record-Setting Tenure
This will be Finance Minister Nirmala Sitharaman’s seventh budget presentation, which would surpass the record of former Prime Minister Morarji Desai, who presented six budgets as Finance Minister between 1959 and 1964.
Economic Context
Budget 2025-26 comes in challenging times for the Indian economy with slower-than-expected growth of GDP and weakening consumption trends. India’s GDP grew at a rate of 5.4% in the July-September quarter of the current fiscal year. It has again fallen short of the RBI forecast of 7%. For the April-June quarter, too, growth had been similarly subdued.
The RBI recently revised India’s growth forecast for 2024-25 downward to 6.6% from the earlier estimate of 7.2%. The Economic Survey has pegged GDP growth at 6.5-7% in the fiscal year 2024-25, as market expectations remain optimistic.
Despite the challenges, India’s economy remains the fastest-growing among major economies, with GDP growth recorded at 8.2% in 2023-24, 7.2% in 2022-23, and 8.7% in 2021-22.
Eyes on Budget 2025
This budget will be critical as it sets the tone for the economic environment for the rest of Modi 3.0’s period in office. The key announcements and economic policies are expected to address pressing concerns, including increasing consumption, triggering investments, and sustaining India’s growth trajectory within an uncertain global economic environment.
Anticipation has built up for when the government reveals its economic plan for the future year on February 1.
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