NEW DELHI: The 2020 Union
Budget process kicks off officially on
Mondaywith the customary ‘
halwa‘
ceremony marking the
start of
printing documents for the
Budget.
This year the
Budget will be presented at a time when growth has dropped
to a six-year low amidst a persistent slowdown in the economy and the weak demand.
Besides, consumption, investment, the outlook and the targets likely
to be missed for the fiscal deficit, tax revenues and disinvestment, all add up
to a dismal scenario for the current fiscal.
The GDP growth too for the current fiscal ending in March is expected
to be 5 per cent.
In the context of such subdued macro figures,
Budget 2020-21 is expected
to be taking steps
to create jobs, and raise consumption and demand.
There is widespread expectation of a cut in personal income tax
to push consumption.
Finance Minister Nirmala Sitharman will be hosting the ‘
halwa‘
ceremony on January 20 at North Block. She will present the Union
Budget on February 1.
The Finance Ministry’s annual tradition is observed a few days before the
Budget presentation. The ‘
halwa‘ (dessert), prepared in a huge iron vessel, is served
to all the ministry staff, as well as
to the Finance Minister.
After the
ceremony, the employees who are involved in the
budget-making process are escorted
to the basement of North Block for a 10-day quarantine and they only come out once the Finance Minister presents the
Budget in Parliament. This is done
to ensure that there are no leaks of information about the Union
Budget before its presentation.
Source: Economic Times
