**Budget 2025 Halwa Ceremony: A Glimpse Into the Union Budget Preparation Process**
The highly anticipated Halwa ceremony, a symbolic tradition that marks the final stage of the Union Budget 2025-26 preparation process, is set to take place on Friday, January 24, 2025, at 5 PM in North Block. This significant event will be graced by the presence of none other than Union Finance Minister Nirmala Sitharaman.
**What is the Halwa Ceremony?**
The Halwa ceremony is a time-honored ritual that occurs just days before the budget presentation in Parliament. During this ceremony, officials and staff involved in the budget’s preparation come together to partake in the preparation and serving of the traditional sweet treat, “halwa.”
Following this ceremonial event, officials engaged in drafting the Budget enter a ‘lock-in’ period within the premises of North Block. They are isolated from external communication, prohibited from using mobile phones, all in an effort to prevent any premature leaks of Budget details before the official presentation in Parliament.
**Sitharaman’s Record-Breaking Budget Presentation**
This upcoming Budget Presentation marks a historic moment for Finance Minister Nirmala Sitharaman as it will be her eighth budget, breaking the record previously held by former Prime Minister Morarji Desai. Desai had presented five annual budgets and one interim budget between 1959 and 1964 during his tenure as finance minister.
**Challenges Amidst Weak Economic Indicators**
The Budget 2025 comes at a time when the Indian economy is grappling with weak GDP numbers and subdued consumption. The country’s economy saw a modest growth of 5.4 per cent in real terms during the July-September quarter of the current financial year 2024-25, falling short of the RBI’s forecast of 7 per cent.
In its recent monetary policy, the Reserve Bank revised India’s growth forecast for 2024-25 down to 6.6 per cent from the earlier projection of 7.2 per cent. The Economic Survey presented in Parliament earlier this year conservatively estimated India’s real GDP growth to be between 6.5-7 per cent for the fiscal year 2024-25, despite higher market expectations.
**Conclusion**
As the nation eagerly awaits the unveiling of Budget 2025, all eyes are on Finance Minister Nirmala Sitharaman as she navigates through the economic challenges facing the country. Stay tuned for more updates on this crucial event that will shape India’s economic landscape in the coming year.
