Interim Budget 2024: Know the date, time, and significance of the halwa ceremony

PTC News Desk: On February 1, Finance Minister Nirmala Sitharaman is poised to unveil her sixth Budget, marking a crucial moment in an election year. This presentation, however, takes the form of an interim budget or a "vote-on-account" due to the impending Lok Sabha elections. A full-fledged budget is anticipated once the newly elected cabinet is in place after the 2024 elections.

Here's a breakdown of the key details you need to know:

1. Date:The highly anticipated Interim Budget is scheduled to be presented on February 1, 2024.

2. Time: The budget presentation is expected to take place at the designated time, typically in the morning or afternoon, adhering to the established parliamentary schedule.

3. Halwa Ceremony: The traditional "Halwa Ceremony" is a significant prelude to the budget presentation. As is customary, a special sweet dish, usually halwa, is prepared in the Finance Ministry's kitchen. The ceremony signifies the beginning of the printing process of the budget documents.

4. Election Year Dynamics: Given that this is an election year, the interim budget serves as a "vote-on-account," enabling the government to secure funds for essential expenditures until the new government is formed post the Lok Sabha elections.

5. Full-Fledged Budget: Post the elections in 2024 and the formation of the new cabinet, a comprehensive, full-fledged budget is anticipated, offering detailed insights into the government's economic policies and allocations.

Stay tuned for more updates as the country navigates through this crucial fiscal event in the run-up to the elections.

What is interim budget?

An interim budget is a provisional financial statement introduced by the government in an election year or during transitional phases when presenting a full budget is impractical. It serves as a temporary measure to manage government expenditures until a new government is elected and can present a comprehensive budget. Usually, it seeks approvals for expenditures until the conclusion of a government's tenure.

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How does an interim budget differ from a regular budget?

An interim budget is typically delivered by the outgoing government, prioritising crucial expenditures and maintaining policy continuity. It generally avoids introducing significant policy changes or new initiatives, acting more as a caretaker budget.

In contrast, a regular budget is an exhaustive financial blueprint presented annually. It delineates the government's revenue, expenditure, and policy initiatives for the upcoming fiscal year, offering a comprehensive overview of its financial plans and priorities.

What is the 'halwa ceremony'?

The "halwa ceremony" serves as the concluding step in preparing for Interim Budget 2024. Earlier this month, FM Sitharaman took part in this distinctive ceremony, signifying the initiation of the budget-making process. Held annually in the basement of North Block, the ministry's location in the national capital, the event is attended by the finance minister and other high-ranking officials.

Why is the 'halwa ceremony' significant?

The 'halwa ceremony' holds importance as it marks the initiation of the "lock-in" period for the Budget. Following the preparation and distribution of halwa to all staff engaged in the budget-making process, these officials and support staff are mandated to remain in the North Block until the Budget is presented in Parliament. This practice is specifically implemented to uphold the confidentiality of budget-related information and prevent any premature leaks before the official presentation.

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(Inputs from agencies)