Union Budget 2023: Traditional 'halwa' ceremony held today; Know what it is & its significance

Union Budget 2023: The halwa ceremony is an annual tradition held ahead of the budget. It marks the final stage of preparing the budget for the upcoming financial year. The Union Budget 2023 will be presented on February 1, 2023 at 11 am.

Team Newsable

First Published Jan 26, 2023, 5:30 PM IST | Last Updated Feb 1, 2023, 8:36 AM IST

The presentation of Budget 2023 by Union Finance Minister Nirmala Sitharaman is scheduled on February 1 at 11 am. According to a statement from the Ministry of Finance, the traditional "halwa" rite took place today with Nirmala Sitharaman, the Finance Minister, in attendance, as the Budget outdate is quickly approaching. Every year, the halwa rite, which customarily comes before the budget, denotes the conclusion of the fiscal year's planning process.

To begin the ceremony, the finance minister stirs halwa, a well-known sweet treat. Then, in the North Block building, coworkers from the finance ministry and officials from other ministries provide help. Normally, the budget materials are printed after the ceremony, however in 2021, because to the COVID-19 pandemic budget, the budget was paperless.

The event is noteworthy because all finance ministry staff members participating in budget preparation are required to relocate to the North Block's basement once it is finished until the budget is presented. This is done to guarantee that the budget for the upcoming fiscal year, which was created in conjunction with the NITI Aatog and other relevant ministries, doesn't have any leaks.

The Union Budget 2023–24 will likewise be provided in an electronic format, according to the announcement that also mentioned the two prior budgets.

The Union Budget Mobile App, which was introduced last year to provide hassle-free access to Budget materials by Members of Parliament and the general public following the presentation, will have the budget documents available.

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