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All you need to know about the Halwa ceremony before Union Budget 2024

<ul><li>Union <keyword id="19955368" type="General" weightage="100" keywordseo="budget-2024" source="keywords">Budget 2024</keyword> to be presented on July 23, 2024, at 11 am</li><li>Changes in the new <keyword id="19901478" type="General" weightage="20" keywordseo="income-tax" source="keywords">income tax</keyword> regime possible in the budget </li><li>Budget is a detailed estimate of the government's revenue and expenses</li></ul>Next week, Nirmala Tai will present the 2024 <keyword id="19908389" type="General" weightage="20" keywordseo="union-budget" source="keywords">union budget</keyword>. While the internet is already abuzz with the endless expectations of different industries and sectors, what the common man wishes for, and more, are we aware of how the budget comes to life in the first place? What do some of its terms like expenditure and revenue budgets even mean? And what exactly is the finance bill? If you have all these questions running through your mind, here's a ready reckoner for you, answering all your questions 1. Why should I care about the budget? Most of all, because it holds the answer to how your money will be taxed in the coming financial year, or years. Yes, you can (and perhaps will) choose to gloss over most of it, like when Tai talks about its capital expenditure or allocations made to various ministries. But you should know if there are any major changes introduced in the existing income tax slabs, because that would mean an automatic increase or decrease in your taxes. If there are some deductions or exemption that have just been introduced and can help you reduce your taxable income, you'd certainly want to use it to your benefit, wont you? (Unless you're a stickler for paying high taxes)! But for that, you should first know how your hard-earned money is being taxed, and that is why, you should tune into the <a href="https://www.businessinsider.in/budget/article/budget-2024-a-handy-guide-for-major-terms-around-the-upcoming-union-budget/articleshow/111688482.cms" data-type="tilCustomLink" target="_blank">upcoming union budget</a>. 2. What will happen to Income taxes in this budget? Will they be cut? We wouldn't know anything for sure until July 23rd, but there is news that the new tax regime might be made more attractive for the salaried class by way of increasing the <keyword id="20429578" type="General" weightage="20" keywordseo="standard-deduction" source="keywords">standard deduction</keyword> threshold (which is currently Rs 50,000 for both old and new regime), or by raising the total deduction limit under the old regime from the present Rs 2,00,000. Akhil Chandna, Partner at Grant Thornton Bharat also believes enhancing the standard deduction limit will do a world of good to salaried Indians. "With the introduction of the standard deduction in 2018 and the last increase in 2019 from ₹ 40,000 to ₹ 50,000, it is essential to raise the threshold to ₹75,000 now to align with current living costs and inflation. Raising the standard deduction can help improve people's purchasing power, especially those with fixed incomes like pensions", he said. Krishan Mishra, CEO, FPSB India also wishes for the tax exemption limit under new regime be raised from Rs 7 lakh to Rs 10 lakh, since "it will be a crucial step to encourage savings and investments among the mid-income group and will provide much-needed relief to taxpayers". The government may make the new tax regime more lucrative by enhancing its basic exemption limit (up to which no income tax is payable) from Rs 3,00,000. But that's a lot of MIGHTS, that will have to wait the final bell till 23rd! 3. How is the Budget is prepared? It is a lengthy, long-drawn process, which starts with the finance ministry asking all departments, states, ministries and union territories to give them an estimate of how much money they'd potentially need during the year. In addition to this, they also have to present details of all their revenues and expenditures in the past year. Then begins a super duper long process of consultations and discussions and deliberations and consultations and dialog (you get the gist!), after which the allocations are made. Weeks before the budget presentation, the <keyword id="19956758" type="General" weightage="20" keywordseo="finance-minister" source="keywords">finance minister</keyword> also meets representatives from various industries like agriculture, trade, manufacturing and more to know what they want. Based on that, the budget is fine tuned. 9-10 days before the budget is to be presented in the parliament, a halwa ceremony takes place, which commenced today, marks the start of budget printing. From this time on, the finance ministry staff goes super hush-hush and in lockdown, with no one allowed to leave the ministry premises till the budget is tabled in the parliament. 4. Why did India have 2 budgets this year? Because 2024 was an election year. That is why you saw an <keyword id="547606" type="General" weightage="20" keywordseo="Interim-budget" source="Orion">interim budget</keyword> in February, where the government presented a budget, the aim of which was just to fund its regular expenses and spending over the next 2-3 months, till elections. After the elections, it is the responsibility of the newly elected government to prepare a full-fledged budget. Think of this as borrowing from your friends just to fund your mid-month, small term, interim cash crunch. You pay them back as soon as you get your salary, and your budget is set again (at least for the time being!) 5. What are the various types of budget documents The union budget is a hefty set of documents! There's Annual Financial Statement, which lays out how much money it needs in revenue, and how much does it plan to spend that during the year. There's demands of grants, which tells us how these receipts and expenditures will be utilised by different ministries and departments, down to each scheme. There's the finance bill, which outlines any changes the government intends to make, in order to raise these proposed funds. This primarily includes change in tax structures. Then there is appropriation bill, which highlights how the government plans to withdraw money from the consolidated fund of India (where all of government's revenue from income tax, customs and excise and other sources flow in). Once approved, both finance and appropriation bill become acts. The extremely complex sounding "medium term fiscal policy cum fiscal policy strategy statement" has all your important macro- economic indicators like GDP, fiscal deficit, revenue deficit, primary deficit and more. But of course, you can skip through all this to just check out budget at a glance and highlights, which presents the key features and decisions made in the budget in a concise manner. <h4 style="color: rgb(0, 0, 0); font-family: Mulish, sans-serif; font-size: 16px; white-space-collapse: preserve; background-color: rgb(255, 255, 255); text-align: justify;"> </h4>6. What is a revenue and <keyword id="2745241" type="General" weightage="20" keywordseo="expenditure-budget" source="Orion">expenditure budget</keyword>? Think of this as a detailed breakdown of how the government plans to raise money for everything during the year by of tax or non-tax revenues, borrowings and more. The <keyword id="425836" type="General" weightage="20" keywordseo="revenue-budget" source="Orion">revenue budget</keyword> also outlines how much revenue the government had to forego to fund various tax incentives or subsidies. There's no chance you wont spend what you've earned! And so, how the government plans to spend its receipts are mentioned in the expenditure budget. It highlights what each ministry gets, how much money will be spent on a certain scheme and more. 7. What is a populist budget? No, its not another budget document, but just a fancy name for a budget that is prepared with the sole intention to appeal to the people by slashing down income taxes, increasing subsidies and spending more on social schemes. Such a budget might seem lucrative in the short run, but it do not contribute to the country's long-term economic development in any way. On the contrary, it only adds to the overall fiscal burden of the country. Its as if a character came in for a short cameo in your favorite series, won people's hearts, and then vanished into thin air, with no meaningful contribution to the story line. You'd feel short-changed, wont you? So, time to listen to Nirmala Tai and the budget's humdrums with some understanding and interest! Also read: <a href="https://www.businessinsider.in/budget/news/budget-2024-how-will-budget-affect-indias-position-in-the-global-space-race/articleshow/111855546.cms" data-type="tilCustomLink" target="_blank">Budget 2024: How will budget affect India’s position in the global space race?</a> <a href="https://www.businessinsider.in/budget/article/despite-pandemic-and-growing-health-scares-indias-budget-share-for-healthcare-continues-to-decline/articleshow/111807009.cms" data-type="tilCustomLink">Despite pandemic and growing health scares, India’s budget share for healthcare continues to decline</a>

Union Budget 2024: A handy FAQ guide to decode the upcoming budget

New Delhi, The <keyword id="2734036" type="PERSON" weightage="20" keywordseo="halwa-ceremony">Halwa ceremony</keyword>, marking the final stage of the Budget making process, was held in North Block on Saturday afternoon in the presence of <keyword id="309842" type="COMPANY" weightage="20" keywordseo="Union-Finance">Union Finance</keyword> and Corporate Affairs Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword>. A customary Halwa ceremony is performed every year before the "lock-in" process of the Budget preparations gets underway. This normally happens around middle of January when the exercise to finalise and print budget details starts in the basement of North Block. This year, as the budget is going paperless, the ceremony got delayed since the need for lock-in is not required. The <keyword id="6360189" type="COMPANY" weightage="20" keywordseo="union-budget">Union Budget</keyword> 2021-22 is to be presented on February 1. The Halwa is prepared in a large utensil in the presence of <keyword id="47209" type="COMPANY" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword> officials, including ministers, and sharing the sweet dish is considered auspicious before starting any good work. Due to the Covid-19 pandemic, there was question mark over the ceremony this year. On the occasion, the Finance Ministry also launched the 'Union Budget Mobile App' for hassle-free access to Budget documents by the MPs and the general public using the simplest form of digital convenience. The app facilitates complete access to 14 Union Budget documents, including the Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill etc. as prescribed by the Constitution. The Budget documents will be available on the app after the completion of the Budget speech by the Finance Minister on February 1. At the Halwa ceremony, Sitharaman was accompanied by Union Minister of State for Finance &amp; Corporate Affairs Anurag Singh Thakur; A.B. Pandey, Finance Secretary &amp; Secretary (Revenue); T.V. Somanathan, Secretary, Expenditure; Tarun Bajaj, Secretary, Economic Affairs; Tuhin Kanta Pandey, Secretary, DIPAM; Debashish Panda, Secretary, Financial Services; K.V. Subramanian, Chief Economic Advisor; Rajat Kumar Mishra, Additional Secretary (Budget) and other officials of the Finance Ministry. Later, Sitharaman reviewed the status of the compilation of the Union Budget 2021-22 and extended her best wishes to the officials concerned. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/recession-in-india-will-end-latest-by-march-says-a-top-economist/articleshow/80399198.cms">Recession in India will end latest by March, says a top economist</a> <a href="https://www.businessinsider.in/tech/news/amazfit-smartwatch-gts-2-review-feature-rich-but-theres-still-room-for-improvement/articleshow/80398998.cms">Amazfit GTS 2 review – feature-rich, but there’s still room for improvement</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-to-soon-introduce-voice-and-video-calls-for-web-multi-device-support-jiomart-integration-and-more/articleshow/80398791.cms">WhatsApp to soon introduce voice and video calls for Web, multi-device support, JioMart integration and more</a>

Final stage of Budget 2021-22 commences with Halwa ceremony

New Delhi, Jan 20 () Finance Minister Nirmala Sitharaman, Minister of State for Finance Anurag Thakur and senior officials of the finance ministry on Monday participated in the symbolic 'Halwa Ceremony' that marks the launch of formal printing of Budget 2020-21 documents.
The second Budget of the Modi 2.0 government will be presented on February 1. 
Finance Secretary Rajeev Kumar, Revenue Secretary Ajay Bhushan Pandey, Economic Affairs Secretary Atanu Chakraborty, DIPAM Secretary Tuhin Kanta Pandey, and Expenditure Secretary T V Somanathan too attended the customary pre-Budget event.
"To maintain the secrecy of Budget, there is a 'lock-in' of the officials involved in making the Budget. Budget Press, situated inside North Block, houses all officials in the period leading up to the presentation of the Union Budget," the finance ministry said in a statement. 
These officers and staff will come in contact with their near and dear ones only after the Budget is presented in Parliament, it said.
Later, the finance minister took a round of the press and acquainted herself about the Budget printing process.
As part of the ritual, 'halwa' is prepared in a big 'kadhai' (large frying pot) and served to the entire staff in the ministry.
The significance of the event is that after the sweet dish is served, a large number of officials and support staff, who are directly associated with the Budget making and printing process, are required to stay in the ministry and remain cut off from their families till the presentation of the Budget in the Lok Sabha.
They are not even allowed to contact their near and dear ones through phone or any other form of communication, like e-mail.
Only very senior officials in the finance ministry are permitted to go home. DP MKJ

Customary 'Halwa Ceremony' kickstarts process of printing Budget documents

<ul><li>The Ministry of Finance marked the beginning of the printing of the <keyword id="6147670" type="UNKNOWN" weightage="20" keywordseo="budget-2019">Budget 2019</keyword> by conducting the Halwa ceremony on Monday at New Delhi. </li><li>The Indian government will unveil the <keyword id="7190005" type="UNKNOWN" weightage="20" keywordseo="interim-budget-2019">Interim Budget 2019</keyword> on February 1. </li><li>After the ceremony over 100 officials of finance ministry in India aren’t allowed to go home till the budget is reveal. </li></ul>Every year, just weeks before the Indian government presents its annual budget, it follows an unusual annual tradition of the ‘halwa’ ceremony, the making of a popular Indian dessert to mark the official kick-off of events. The Halwa Ceremony is hosted by the Finance Ministry usually held at North Block in New Delhi in the weeks leading up to the announcement budget. 
	
	
	<div type="twitter" handle="FinMinIndia" handlename="Ministry of Finance" image="http://pbs.twimg.com/profile_images/829993628365791232/uQ29BFxq_normal.jpg" favoritecount="199" retweetcount="42" status="Halwa Ceremony was held today in North Block, New Delhi to mark the Ceremonial beginning of printing of #Budget2019… https://t.co/jX3jaiKO7q" createdat="1548051387000" id="1087232435446734848"></div>







 Here’s what the ceremony means and how it got its start- 
	<div type="Slideshow" msid="67637704" hostid="261" title="Budget Halwa: An enduring tradition that promises to keep India’s budget ‘safe and guarded’" firstImageMsid="67637941" slideCount="5"></div>

Budget Halwa: An enduring tradition that promises to keep India’s budget ‘safe and guarded’

New Delhi [India], July 23 (ANI): <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> is set to present the <keyword id="15626720" type="General" weightage="20" keywordseo="Union-Budget-2024" source="Orion">Union Budget 2024</keyword> in Parliament today, marking her seventh consecutive budget and eclipsing the late Moraji Desai's record of six consecutive budgets, which is likely to focus on changes in the income tax structure and improving the ease of doing business in India. At 11 am today, the much-awaited full budget for 2024-25, the first under the Modi 3.0 government, will be presented on the floor of the Parliament. All eyes will be on the major announcements made by the finance minister and the government's forward-looking guidance about the overall economy. Sitharaman will lay on the table a statement (in English and Hindi) of the estimated receipts and expenditures of the government for the year 2024-25 in the Rajya Sabha. <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25: Focus on employment, skilling, MSME and middle class" mstype="2" mssubtype="0"></div>She will table the budget one hour after the conclusion of the presentation of the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25 in the Lok Sabha. The Finance Minister also lay on the table, under subsection (1) of Section 3 of the Fiscal Responsibility and Budget Management Act, 2003, a copy each (in English and Hindi) of the following papers: medium-term fiscal policy strategy statement and macro-economic framework statement. The Finance Minister will further lay on the table statements (in English and Hindi) of the estimated receipts and expenditures (2024-25) of the Union Territory of Jammu and Kashmir (with the legislature). The interim budget, tabled on February 1, took care of the financial needs of the intervening period until a government was formed after the Lok Sabha polls, after which a full budget was to be presented by the new government. With this upcoming budget presentation, Finance Minister Nirmala Sitharaman will surpass the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964 as finance minister. The <keyword id="105431" type="General" weightage="20" keywordseo="budget-session" source="Orion">budget session</keyword> of Parliament began on July 22 and, according to schedule, will end on August 12. Before presenting the Budget, the finance minister will go to the North Block, where the Ministry of Finance is housed. She will meet the secretaries of her ministry, and later, along with them, she will reach the President's residence to get permission before presenting the Budget. About half an hour before the budget is presented, a Cabinet meeting headed by the prime minister is usually held, where ministers are briefed about the budget and Cabinet approval is taken. Putting aside the details of the upcoming budget, let us review the budget-making process and sequence of events typically followed. The Ministry of Finance typically issues circulars to all ministries, Union territories, States, and autonomous entities to send their demands and recommendations for the Union budget around September-October, with budgets typically tabled on February 1. Another key event before the budget presentation is the 'halwa ceremony'. A few days before the budget is presented, the government has a tradition of conducting a 'halwa ceremony', marking the start of budget document printing. The Halwa ceremony is significant as it also marks the beginning of a lockdown at the finance ministry, meaning no official is allowed to leave the ministry compound. Everyone on the budget team is allowed to leave only after the financial document is presented in Parliament. The printing of the Union Budget inside the basement located in the North Block has been a permanent feature since 1980. A day before the budget is scheduled to be tabled, the government typically releases its Economic Survey. This year, too, the same norms were followed. The Economic Survey serves as a crucial input for budget formulation. It is prepared by the Chief Economic Advisor and provides an overview of the country's economic performance, prospects, and policy recommendations, including future outlook. India is poised to remain the fastest-growing major economy in 2024-25, Chief Economic Adviser V Anantha Nageswaran said in a press conference after the tabling of the Economic Survey. The Economic Survey tabled projected India to grow at 6.5-7.0 percent in 2024-25. As per the Economic Survey 2023-24 tabled by Finance Minister Nirmala Sitharaman, the Indian economy is on a strong and stable footing, demonstrating resilience in the face of geopolitical challenges. The first Economic Survey reportedly came into existence in 1950-51, when it used to be a part of the budget documents. In the 1960s, it was separated from the budget documents and presented a day before the Union Budget. The budget, once it is presented, is then subjected to detailed debate and discussion in both houses of Parliament, allowing members to scrutinise its provisions, raise concerns, and propose amendments. Following its presentation and approval by Parliament, the Union Budget sets in motion a series of post-budget activities aimed at implementing its provisions and achieving the outlined objectives. Like the previous few full Union budgets, the Budget 2024 will also be delivered in paperless form. An Interim Union Budget 2024 was presented on February 1, as the country was due for general elections later in the year. All the Union Budget documents, including the Annual Financial Statement (commonly known as the Budget), Demand for Grants (DG), and Finance Bill, as prescribed by the Constitution, will be available on the "Union Budget Mobile App" for hassle-free access to budget documents by Members of Parliament (MPs) and the public. The app is bilingual (English and Hindi) and available on both Android and iOS platforms. The app can also be downloaded from the Union Budget Web Portal (www.indiabudget.gov.in). SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024 Live Updates: PM Modi arrives in Parliament ahead of Budget 2024 presentation</a> <a href="https://www.businessinsider.in/budget/news/why-did-the-latest-economic-survey-of-india-heavily-shun-the-western-ways-of-climate-action/articleshow/111947230.cms" data-type="tilCustomLink" target="_blank">Why did the latest Economic Survey of India heavily shun the ‘Western ways’ of climate action?</a>

Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today

With the 2024 general elections handing the <keyword id="19894848" type="General" weightage="20" keywordseo="BJP" source="keywords" meta.keywordsubtype="org" meta.entityname="BJP" meta.hostid="261" meta.entityid="BJP">BJP</keyword> and its allies a fractured, albeit ruling majority in the country for the third consecutive time, India is now gearing up for the 2024–25 <keyword id="19908389" type="General" weightage="20" keywordseo="Union-budget" source="keywords">Union budget</keyword>, which will be presented on July 22 between 11 am and 1 pm. The <keyword id="20613906" type="General" weightage="20" keywordseo="economic-survey" source="keywords">economic survey</keyword> is traditionally presented the day before. However, as per reports, the economic survey is likely to be released on July 3rd this year. The famous halwa ceremony will take place 10 days before the budget is tabled. Pre-budget consultations will begin on June 17th. FM <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> will become the first finance minister to have presented seven straight budgets, a record previously held by <keyword id="238033" type="General" weightage="20" keywordseo="Morarji-Desai" source="Orion">Morarji Desai</keyword>, who had six consecutive budget presentations to his name. To date, Sitharaman has tabled five full and one interim budget. The first parliamentary session under Modi 3.0 will kick off on June 24, and the 264th session of the parliament will take place between the 27th of June and the 3rd of August. The year is set to see two budgets: one full-fledged budget in July and an interim budget presented on February 1, 2024. <cmsannotation type="cmsannotation" annotationid="What can we expect from this budget?" comment="subhead" text="What can we expect from this budget?">What can we expect from this budget?</cmsannotation> Presenting an interim budget is customary during election years in India since it facilitates the transfer of work and finances between the outgoing and incoming governments. With the upcoming budget, PM Modi’s government will largely focus on tackling unemployment, issues in the agriculture sector, and maintaining the flow of capital expenditure in the economy. The simplification of the <keyword id="19993914" type="General" weightage="20" keywordseo="GST-regime" source="keywords">GST regime</keyword> and rolling out the 3rd edition of the <keyword id="20359761" type="General" weightage="20" keywordseo="FAME-scheme" source="keywords">FAME scheme</keyword> (Faster Adoption &amp; Manufacturing of Electric Vehicles) will also rank highly on the budget agenda. In that stead, a meeting of the GST council is also scheduled to take place on June 22nd. Additionally, experts are also anticipating the expansion of the PLI (production-linked incentives) schemes in this budget to include other sectors as well. <cmsannotation type="cmsannotation" annotationid="Lesser-known budget milestones" comment="subhead" text="Lesser-known budget milestones">Lesser-known budget milestones</cmsannotation> Till 2019, the union budget was carried in a briefcase, a practice initiated by India’s first FM, Sir RK Shanmukham Chetty. In 2019, the budget was presented as a traditional bahi-khata for the first time. It went paperless in 2021 after the FM introduced the budget via a tablet. Apart from having presented most budgets, Sitharaman also holds the record for having delivered the longest budget speech while presenting the Union budget for 2020–21. She spoke for two hours and 42 minutes. On the other hand, India’s shortest-ever budget speech was given in 1977 by Hirubhai Patel.

Union budget 2024-25 : When will it be presented, what to expect and more

<ul><li>Finance Minister of India <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> will present the Union Budget on February 1, 2022.</li><li>This will be the 10th budget that the BJP government led by Narendra Modi presents.</li><li>Huge expectations are pinned to the upcoming budget as it comes at a time when the country is fast recovering from the slowdown across multiple sectors due to COVID-19.</li></ul>The Union Finance and Corporate Affairs Minister Nirmala Sitaraman is expected to present the budget on February 1. This budget will be the fourth one presented by the Narendra Modi led BJP government during its second tenure. The Budget session will start at the Parliament around 11 am on February 1, 2022. Year on year, the Union Government generally hosts the customary Halwa Ceremony to mark the final stage of the Union Budget making process. However, in compliance with the pandemic necessitated safety protocols, this year sweets were distributed to the core staff at their own workplaces. <cmsannotation type="cmsannotation" annotationid="What is special about the 2022 budget?" comment="subhead" text="What is special about the 2022 budget?">What is special about the 2022 budget?</cmsannotation> Setting a new trend, the Union Budget of 2021-22 was presented in paperless form for the first time in the history of the country. Budget 2022-23 will also follow the same trend in furthering environmental friendly initiatives. Also, the government had launched a ‘Union Budget Mobile App’, which facilitated hassle-free access of the budget documents for the members of parliament (MPs) and the general public in the country. Once the Budget session is complete on February 1, 2022 in the parliament, Union Budget 2022-23 will also be available on the Mobile App. The mobile app will provide full access to around 14 Union Budget-related documents, including the budget speech, annual financial statement (budget), finance bills prescribed by the constitution, and demand for grants (DG). This mobile app will be made available in Hindi and English. It will be made available on Android and iOS platforms. ‘The Union Budget Mobile App’, will be available for download on the Union Budget website (<a href="http://www.indiabudget.gov.in">www.indiabudget.gov.in</a>). General public can also download the budget documents on this website. <cmsannotation type="cmsannotation" annotationid="Latest media reports about Budget 2022" comment="subhead" text="Latest media reports about Budget 2022">Latest media reports about <keyword id="10547300" type="General" weightage="20" keywordseo="budget-2022" source="Orion">Budget 2022</keyword></cmsannotation> There will not be any zero hour scheduled in the parliament on January 31 and February 1. Arrangements have been made for the Rajya Sabha leaders to meet virtually on January 31. The parliament is all set to comply with all the COVID-19 protocols strictly during the budget session. <cmsannotation type="cmsannotation" annotationid="Expert remarks on Budget 2022-23" comment="subhead" text="Expert remarks on Budget 2022-23">Expert remarks on Budget 2022-23</cmsannotation> Abheek Barua, chief economist of HDFC Bank said, “Unlike last year when the US Federal Reserve was unleashing a deluge of liquidity in the international banking system, in 2022 the Indian government is drawing up its annual budget at a time when global financial conditions are not quite so conducive. With the Fed signaling an aggressive rate hike path, the degree of monetary support that the Reserve Bank of India has the room to extend is now constrained and the government may therefore have to rely more on fiscal ammunition to ensure that the country’s growth recovery remains on track.” SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/rupee-is-likely-to-weaken-against-the-us-dollar-in-2022-as-per-experts/articleshow/89218673.cms">Experts say the rupee is likely to weaken against the US dollar this year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/explained-indias-annual-economic-survey/articleshow/89201135.cms">EXPLAINED: India’s annual Economic Survey</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/with-covid-expenses-rising-taxpayers-need-more-than-an-insurance-rebate-says-a-wealth-manager/articleshow/89199947.cms">With COVID expenses rising, taxpayers need more than an insurance rebate, says a wealth manager ⁠</a>

Union Budget 2022: Time, date and other details you need to know

The upcoming budget scheduled for February 1 will go paperless as the Finance Ministry has decided not to print the <keyword id="1077166" type="PERSON" weightage="20" keywordseo="budget-documents">budget documents</keyword> amid the pandemic. This is a historic move as it will be for the first time in the history of independent India that the budget papers will not be printed. Sources said the government has received permission for the same from both the <keyword id="244400" type="COMPANY" weightage="20" keywordseo="Houses-of-Parliament">Houses of Parliament</keyword>. The decision has been taken as the printing process would require several people to stay at the press for around a fortnight amid the coronavirus fears. The budget documents are generally printed at the Finance Ministry's in-house printing press in the North Block. This budget for the financial year 2021-22 may see several conventions being broken as the sources said that the traditional 'Halwa' ceremony may also not take place this year or a subdued function may be held with limited gathering. This ceremony, which normally starts around January 20, is attended by all the people involved in budget-making, and marks the beginning of printing. Once printing starts, printing staffers stay inside the press till the presentation of budget. Only a few high-ranked officials are allowed access and that too on the basis of a special identity card. The entire facility, loading-unloading and transportation are manned by the special security forces. This is not the first time that there would be a change in tradition in the presentation of the budget under Finance Minister Nirmala Sitharaman. Last year, she did away with a colonial-era tradition of carrying Budget papers in a briefcase, and introduced the Budget 'Bahi Khata' or a ledger, enclosed in a red cloth folder and tied with a string.--IANS SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/with-whatsapp-popularity-hit-zoho-plans-to-launch-arattai-messaging-app/articleshow/80206802.cms" data-type="tilCustomLink">Zoho plans to woo WhatsApp defectors with its own messaging app Arattai</a> <a href="https://www.businessinsider.in/stock-market/news/bitcoin-gets-less-risky-the-higher-it-goes-legendary-investor-bill-miller-breaks-down-why-the-cryptocurrency-could-surge-100-in-2021/articleshow/80200462.cms" data-type="tilCustomLink">Bitcoin gets 'less risky the higher it goes': Legendary investor Bill Miller breaks down why the cryptocurrency could surge 100% in 2021</a>

Union Budget 2021: In a first, Budget to go paperless as pandemic disrupts traditions

New Delhi, Dec 23 () Union minister Arjun Ram Meghwal on Monday said his ministry has received 3-4 demands, including suggestion to cut GST rates, from automobile industry body SIAM and has forwarded them to the finance minister.
Addressing the 4th annual SIAM CSR Conclave here, the minister of state for heavy industries and public enterprises asked the auto industry for more suggestions, if any, before the finalisation of the Budget. 
 "I have received 3-4 demands from the SIAM. I have sent your suggestions, including the one related to reduction in GST rate, to the finance minister. If you (industry) have any other suggestions please submit those as the Budget consultation process is still going on," Meghwal said here.
 He said it was important to submit suggestions before the consultation process gets over.
 "After the 'halwa ceremony', nothing can be added. So please give suggestions, if any, before that," Meghwal said adding that the finance ministry will not accept any suggestion after the halwa ceremony, which marks the launch of formal printing of Budget documents, is over.
Meghwal also emphasised on the need for corporates to wholeheartedly support social initiatives under their CSR activities.
The Society of Indian Automobile Manufacturers (SIAM) is a not for profit apex national body representing all major vehicle and vehicular engine manufacturers in India. MSS ANU
ANU

Have sent auto sector's Budget wish list to finance minister: Meghwal

New Delhi, Jan 20 () Following are the top business stories at 1823 hours:
 
FGN24 WEF-OXFAM STUDY INEQUALITY
Wealth of India's richest 1% more than 4-times of total for 70% poorest: Oxfam
Davos: India's richest 1 per cent hold more than four-times the wealth held by 953 million people who make up for the bottom 70 per cent of the country's population, while the total wealth of all Indian billionaires is more than the full-year budget, a new study said on Monday.
 
DCM13 BIZ-TELECOM-OIL-DUES
DoT seeks Rs 48,000 cr from Oil India in telecom dues; co to challenge it in TDSAT
New Delhi: The telecom department has slapped a Rs 48,000 crore demand notice on Oil India in past statutory dues, an order which the country's second-biggest state oil producer plans to challenge in Telecom Disputes Settlement and Appellate Tribunal (TDSAT). 
 
DEL51 BIZ-LD STOCKS
Sensex slumps 416 pts on profit-booking; Kotak Bank tanks 5 pc
Mumbai: Market benchmarks tumbled from record highs to close deep in the red on Monday as investors booked profits in index heavyweights Reliance Industries, Kotak Bank, HDFC Bank and TCS following their quarterly results. 

DCM20 BIZ-BUD-HALWA
Customary 'Halwa Ceremony' kickstarts process of printing Budget documents
New Delhi: Finance Minister Nirmala Sitharaman, Minister of State for Finance Anurag Thakur and senior officials of the finance ministry on Monday participated in the symbolic 'Halwa Ceremony' that marks the launch of formal printing of Budget 2020-21 documents.

FES41 WEF-INDIA SOCIAL MOBILITY
India ranks low at 76th place on global Social Mobility Index
Davos: India has been ranked very low at 76th place out of 82 countries on a new Social Mobility Index compiled by the World Economic Forum, while Denmark has topped the charts.
 
DEL65 BIZ-LD RUPEE
Rupee settles 3 paise down at 71.11 against US dollar
Mumbai: The rupee slipped 3 paise to close at 71.11 against the US dollar on Monday, tracking a steady rise in crude oil prices and weakness in domestic equities. 

DCM11 BIZ-RESULTS-KOTAKBANK
Kotak Mahindra Bank Q3 profit rises 24 pc to Rs 1,596 cr
New Delhi: Kotak Mahindra Bank on Monday reported 24 per cent growth in standalone net profit to Rs 1,596 crore for the third quarter ended December 31, 2019. 
 
 
 
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Business highlights

New Delhi, In a significant change amid digitalisation, <keyword id="7706673" type="UNKNOWN" weightage="20" keywordseo="finance-minister-nirmala-sitharaman">Finance Minister Nirmala Sitharaman</keyword> this year unveiled a 'Made in India' tablet replacing the traditional briefcase before presenting <keyword id="6358021" type="COMPANY" weightage="20" keywordseo="budget">Budget</keyword> 2021. With the move aimed at a paperless Budget, now 'bahi khata' (a ledger wrapped in a red cloth) has been completely removed from this year -- a move to reinforce Prime Minister Narendra Modi's ambitious '<keyword id="50691" type="COMPANY" weightage="20" keywordseo="Digital">Digital</keyword> India' mission. In 1947, India's first Finance Minister R. K. Shanmukham Chetty carried a leather portfolio to present the first Budget. In January, the Central government also launched '<keyword id="6360189" type="COMPANY" weightage="20" keywordseo="union-budget">Union Budget</keyword> Mobile App' on the occasion of the Halwa ceremony to enable MPs and people to access Budget documents digitally. It was launched as no budget papers will be printed this year in the wake of the <keyword id="8902449" type="UNKNOWN" weightage="20" keywordseo="covid-19-pandemic">Covid-19 pandemic</keyword>. Sitharaman, who will present the Budget for the third time, is expected to lift and give an impetus to the Indian economy that has been battered due to the pandemic and subsequent lockdown. The Budget comes at a time when India has been battling with the Covid-19 pandemic and the economy is reeling under the aftereffects of the lockdown. Sitharaman will present the Budget at 11 a.m. in the Lok Sabha. This is in a series of three-four mini Budgets presented during last year considering the pandemic. This would be Sitharaman's third Budget under the <keyword id="105903" type="COMPANY" weightage="20" keywordseo="National-Democratic-Alliance">National Democratic Alliance</keyword> (NDA) government led by Prime Minister Narendra Modi. At the beginning of the joint session of Parliament on Friday, Prime Minister Narendra Modi had also said that the Finance Minister had already announced 3-4 mini Budgets and that the 2021-22 Budget would be historic. It is expected that the Budget will help in the revival by various sectors like agriculture, infrastructure, healthcare, rural economy and MSMEs sectors that faced the worst impact of the Covid-19 pandemic and lockdown restrictions. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/india-union-budget-2021-live-news-and-highlights/liveblog/80621593.cms">Budget 2021 Live Updates : Finance Minister Nirmala Sitharaman to present the first-ever digital Union Budget today</a>

Digital Budget 2021: 'Made in India' tablet replaces 'bahi-khata'

The ‘halwa ceremony’ that marks the printing of budget documents took place on Feb 19. It signals the move towards the auspicious budget session. Media reports point that the PM is closely involved in the budget which is a great thing for the country. The government has also received suggestions from more than 7000 people who are to be seen in a positive light. The past few weeks have focused on 'Make in India' that saw pledges of more than 15.2 lakh crore, and steps for startup India and entrepreneurship, etc., which is a significant first step. There seem to be some areas where interventions from the government are likely to benefit people and institutions. This include: 
 
1. Infrastructure: The pace of infrastructure development has picked up in the recent past, but a need is felt for greater steps towards bettering India's still improving infrastructure. It is because South Asia as region reels under an infrastructure deficit. Infrastructure development is also imperative for garnering investments for key sectors of the economy like manufacturing that have traditionally underperformed. Particularly important areas to look for would be clean energy, inland waterways, ports and airports. The digital infrastructure will be another critical area that the government should be interested in improving. 
 
2. Manufacturing, Jobs and Exports: Manufacturing has the potential to create jobs not only in the manufacturing sector but also a far greater number of jobs in the service industry something known as a multiplier effect. That the 'make in India' week has been able to get pledges well over 15 lakh crore on investment is an important first step. Startup India also aims to solve the jobs conundrum which the youth of the country face. Also, exports have been falling for well over a year which is seen to be an area of concern that needs some policy level interventions. It will be important to see how the government looks at these related issues and tries to solve them. 
 
2. Education: Education is a key sector and can broadly be divided into school education and higher education. The budget must allocate adequate resources for not just creation of new institutions but must also focus on improving the functioning of existing institutions. The priority of the government should be on ways and means to develop several academic institutions for education in various fields, and higher education opportunities need to be expanded through measures to help entry of foreign educational institutions. 
 
3. Healthcare: For a productive population a critical prerequisite is a healthy population. The three-tier system of government needs to work alongside private hospitals to ensure people to have an adequate access to healthcare. Innovative and new age technologies can also solve some of the problems within the sector. The announcements in this area will be particularly important as there has been a feeling that healthcare has sector not been given due consideration in the present dispensation. 
 
4. Law and order: The justice delivery mechanism in the country as a system gets delayed and to tackle the issue of pendency the government must allocate adequate resources to improve the functioning of the legal institutions of the country. There is a long felt need for improving the efficiency of the legal processes in the country. 
 
5. Boosting the rural sector: Another fundamental challenge that is being felt is that promoting the rural sector that has lagged behind overall demand. Two consecutive seasons of scanty rainfall have led to rural distress, and the government must step in to prevent rural distress. Bank NPA's of the public sector are especially high, and that ties the hands of the banking sector and the government for not just the corporate sector but solving rural distress. It is where it is necessary to look at rural infrastructure development projects that help farmers and communities. The national agricultural market too appears as a good idea in progress. 
 
Apart from these broader focus areas the government needs also to work on widening the income tax base so that it may reduce some of the burden that the existing taxpayers face. Overall the stage is set for a historic budget. The question is how will the government structure the resources for addressing some of these key challenges? 
 
(The article is co-authored with Sankalp Sharma, Senior Researcher at the Institute for Competitiveness, India. Amit Kapoor is Chair, Institute for Competitiveness &amp; Editor of Thinkers. The views expressed are personal. Amit can be reached at <a href="mailto:amit.kapoor@competitiveness.in">amit.kapoor@competitiveness.in</a> and tweets @kautiliya)

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