News Excerpt:

The Halwa ceremony, marking the final stage of the Union Budget 2024-25 preparation, was held in New Delhi.

Significance of the ceremony:

• This ceremony precedes the 'lock-in' process for officials involved in the Budget preparation.It marks the completion of the Budget to be presented in the Parliament.
• This tradition signifies the commencement of the budget document printing and is steeped in significance, especially with stakeholders eagerly awaiting major policy shifts in Modi 3.0's first full budget on July 23.
• All related documents will be available on the bilingual “Union Budget Mobile App” post-speech. 

Key Points about the Halwa Ceremony:

• The Halwa ceremony is an annual tradition where the Finance Minister prepares the traditional Indian sweet dish, halwa, in a large 'kadhai' at North Block.
• This act underscores the dedication and hard work of the finance ministry officials.
• The ceremony marks the beginning of the crucial phase of printing the budget documents. Since 1980, the basement of North Block has been the dedicated site for this task.
• Post-ceremony, a stringent lockdown is imposed within the finance ministry. Officials involved in the budget process are not allowed to leave the premises until the budget is presented in Parliament. 
• This tradition started after a budget leak in 1950, which led to the resignation of then Finance Minister John Matthai.

Budget Presentation: 

• The Union Budget 2024-25 will be presented on 23rd July 2024. 
• The budget generates significant interest among various groups, including the salaried class, students, senior citizens, women, and business professionals. 
• Key sectors are particularly keen on tax holidays, GST exemptions, and increased allocations.

Conclusion:

The Halwa ceremony is a celebrated event before the presentation of the Union Budget, highlighting the meticulous preparation and high stakes involved in this annual fiscal exercise.