Major announcements are made on budget day. But, has any progress been made? How are some of the government's flagship initiatives performing? WION's Palki analyses the progress of 5 major government initiatives.

2020 Budget: Is the government living up to its promises? | Gravitas

The Finance Minister covered a lot of ground in her speech. But what was in it for the common man? WION's Palki decodes this year's budget for you.

Gravitas: Budget 2020 and the common man

The Indian Finance Minister Nirmala Sitharaman is presenting Union Budget for FY 2020-21. This is the second budget for Sitharaman, who became the second woman finance minister after Indira Gandhi to do so in the history of independent India.

All eyes on India's Union Budget 2020

Finance Minister Nirmala Sitharaman had a special conversation with WION about the Budget 2020. To know what else she said about the budget, watch this exclusive interview...

Exclusive: Finance Minister speaks to WION after presentation of Budget 2020

The Budget Session of the Indian Parliament commenced on January 31 with an address by President Ram Nath Kovind to the joint sitting of two Houses of Parliament. Today all eyes are on the Indian Finance Minister Nirmala Sitharaman, who will be presenting Union Budget for FY 2020-21. This will be the second budget for Sitharaman, who became the second woman finance minister after Indira Gandhi to do so in the history of independent India.

Indian FM to present Union Budget 2020 shortly

WION speaks to Godrej Group's Chairman Adi Godrej after the presentation of Budget 2020.

WION Exclusive: Godrej Group Chairman Adi Godrej speaks on Budget 2020

The Budget Session of the Indian Parliament commenced on January 31 with an address by President Ram Nath Kovind to the joint sitting of two Houses of Parliament. Today all eyes will be on the Indian Finance Minister Nirmala Sitharaman as she will present Union Budget for FY 2020-21. This will also be the second budget for Sitharaman, who became the second woman finance minister after Indira Gandhi to do so in the history of independent India.

Indian Union Budget for FY 2020-21 to be presented today

The government is expected to release Rs 39,500 crore from the <a href="https://www.wionews.com/videos/india-watch-from-vikas-to-vishwas-222073">Sabka Vishwas </a>Scheme, a dispute resolution-cum-amnesty scheme for settling pending disputes of service tax and central excise, according to sources. 
 
This will act as a big booster for the government, which is staring at a revenue shortage from both direct and indirect taxes. 
 
Nearly 1.90 lakh applications involving duties of about Rs 90,000 crore were filed during the amnesty window which closed on January 15, sources said.

Also read: <a href="https://www.wionews.com/business-economy/feel-good-budget-may-see-cut-in-tax-rate-sops-for-social-sectors-277884">'Feel good' budget may see cut in tax rate, sops for social sectors</a> 
 
The <a href="https://www.wionews.com/india-news/cbic-suspends-assistant-commissioner-deepak-pandit-for-misusing-powers-264782">Central Board of Indirect Taxes and Customs</a> (CBIC) closed the Sabka Vishwas (Legacy Dispute Resolution) Scheme with duty payable being Rs 39,591.91 crore (Rs 24,770.61 crore pre-deposit and Rs 14,821.30 crore freshly payable), the sources said adding that out of this, Rs 1,855.10 is already paid. 
 
Total 1,89,215 applications involving a total duty of Rs 89,823.32 crore were filed, one of the sources said. 
 
Finance Minister <a href="https://www.wionews.com/business-economy/briefcase-or-bahi-khata-what-will-sitharaman-carry-for-her-second-budget-presentation-277851">Nirmala Sitharaman </a>had unveiled the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019, in the <a href="https://www.wionews.com/business-economy/nirmala-sitharaman-to-present-budget-in-parliament-today-277904">Budget</a> 2019-20 with the objective of settling pending disputes of service tax and central excise. 
 
The Sabka Vishwas Scheme, which became operational on September 1, 2019, provides a one-time window to eligible persons to declare their tax dues and pay the same in accordance with the provisions.

Also read: <a href="https://www.wionews.com/business-economy/briefcase-or-bahi-khata-what-will-sitharaman-carry-for-her-second-budget-presentation-277851">What will Sitharaman carry for her second budget presentation?</a> 
 
According to the finance ministry, a total of Rs 3.6 lakh crore is locked up in 1.83 lakh cases at various quasi-judicial, appellate and judicial forums under service tax and central excise put together. 
 
The introduction of the goods and services tax regime, which has subsumed these legacy taxes, has given an opportunity to the government and also to taxpayers to settle these cases. 
 
Under this scheme, relief is to the tune of 70 per cent of the duty involved if it is Rs 50 lakh or less, and that of 50 per cent if it is more than Rs 50 lakh. 
 
This scheme was for cases pending in adjudication or appeal or in investigation and audit in latter cases, the duty involved must be quantified and communicated or admitted by the taxpayer in a statement on or before June 30, 2019. 
 
In cases of outstanding arrears of revenue, the relief is 60 per cent of the duty amount if it is Rs 50 lakh or less and 40 per cent if it is more than Rs 50 lakh. 
 
In all cases, there is full waiver of interest and penalty and exemption from prosecution. There are, however, some exclusions, such as if the person is convicted in the same case.

The government is expected to release Rs 39,500 crore from the Sabka Vishwas Scheme, a dispute resolution-cum-amnesty scheme for settling pending disputes of service tax and central excise, according to sources.

The government is expected to release Rs 39,500 crore from the Sabka Vishwas Scheme, a dispute resolution-cum-amnesty scheme for settling pending disputes of service tax and central excise, according to sources. This will act as a big booster for the government, which is staring at a revenue shortage from both direct and indirect taxes. Nearly 1.90 lakh applications involving duties of about Rs 90,000 crore were filed during the amnesty window which closed on January 15, sources said. Also read: 'Feel good' budget may see cut in tax rate, sops for social sectors The Central Board of Indirect Taxes and Customs (CBIC) closed the Sabka Vishwas (Legacy Dispute Resolution) Scheme with duty payable being Rs 39,591.91 crore (Rs 24,770.61 crore pre-deposit and Rs 14,821.30 crore freshly payable), the sources said adding that out of this, Rs 1,855.10 is already paid. Total 1,89,215 applications involving a total duty of Rs 89,823.32 crore were filed, one of the sources said. Finance Minister Nirmala Sitharaman had unveiled the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019, in the Budget 2019-20 with the objective of settling pending disputes of service tax and central excise. The Sabka Vishwas Scheme, which became operational on September 1, 2019, provides a one-time window to eligible persons to declare their tax dues and pay the same in accordance with the provisions. Also read: What will Sitharaman carry for her second budget presentation? According to the finance ministry, a total of Rs 3.6 lakh crore is locked up in 1.83 lakh cases at various quasi-judicial, appellate and judicial forums under service tax and central excise put together. The introduction of the goods and services tax regime, which has subsumed these legacy taxes, has given an opportunity to the government and also to taxpayers to settle these cases. Under this scheme, relief is to the tune of 70 per cent of the duty involved if it is Rs 50 lakh or less, and that of 50 per cent if it is more than Rs 50 lakh. This scheme was for cases pending in adjudication or appeal or in investigation and audit in latter cases, the duty involved must be quantified and communicated or admitted by the taxpayer in a statement on or before June 30, 2019. In cases of outstanding arrears of revenue, the relief is 60 per cent of the duty amount if it is Rs 50 lakh or less and 40 per cent if it is more than Rs 50 lakh. In all cases, there is full waiver of interest and penalty and exemption from prosecution. There are, however, some exclusions, such as if the person is convicted in the same case.

Government to get over Rs 39,500 crore under Sabka Vishwas Scheme

The Indian economy experienced some abrupt slowdown in 2019 due to turbulence in non-banking financial institutions and major reform measures such as GST and demonetisation, but it is not in a recession, International Monetary Fund(IMF) Managing Director Kristalina Georgieva has said.

<a href="https://www.wionews.com/business-economy/feel-good-budget-may-see-cut-in-tax-rate-sops-for-social-sectors-277884">Also read: 'Feel good' budget may see cut in tax rate, sops for social sectors</a>

“The Indian economy indeed has experienced an abrupt slowdown in 2019. We had to revise our growth projections, downwards to 4% for last year. We are expecting 5.8%(growth rate) in 2020 and then an upward trajectory to 6.5% in 2021,” Georgieva told a group of journalists in Washington on Friday.

Also read:&nbsp;<a href="http://wionews.com/business-economy/briefcase-or-bahi-khata-what-will-sitharaman-carry-for-her-second-budget-presentation-277851">Briefcase or 'bahi-khata'&nbsp;- What will Sitharaman carry for her second budget presentation?</a>

“It appears that the main reason for this slowdown was the non-banking financial institutions experiencing a turbulence,” she said on the eve of Union Finance Minister Nirmala Sitharaman presenting the annual budget in Parliament on Saturday.

She said India had undertaken some important reforms that over the longer term would be beneficial for the country, but they do have some short-term impact.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/budget-news-2020-budget-glossary-here-are-key-terms-you-should-know-to-understand-the-budget-273968">2020 Budget Glossary - Here are key terms you should know to understand the Budget</a>

“For example, coming with the unified tax system, and the demonetisation took place. These are steps that over time are beneficial, but of course they might be somewhat disruptive over short term,” Georgieva said in response to a question.

The IMF MD said that there is not a lot of fiscal space in India. But we also recognise that the policies of the government on that side, on the fiscal side have been prudent.

We will see how the reading of the budget, the submission of the budget goes, tomorrow, she said. In the medium-term, she said, the IMF remains optimistic about India. This is why we see that upswing potential for the growth in the country, she said.

Georgieva said that the current economic slowdown cannot be described as a recession.

She noted that the consumption in India also slowed down and that contributed to the overall slowdown in the economy. The IMF would be keen to see what India does to get relatively sound macroeconomic fundamentals to pay off in terms of better growth trajectory, she said ahead of the budget.

The Indian economy experienced some abrupt slowdown in 2019 due to turbulence in non-banking financial institutions and major reform measures such as GST and demonetisation, but it is not in a recession, International Monetary Fund(IMF) Managing Director Kristalina Georgieva has said.

The Indian economy experienced some abrupt slowdown in 2019 due to turbulence in non-banking financial institutions and major reform measures such as GST and demonetisation, but it is not in a recession, International Monetary Fund(IMF) Managing Director Kristalina Georgieva has said. Also read: 'Feel good' budget may see cut in tax rate, sops for social sectors “The Indian economy indeed has experienced an abrupt slowdown in 2019. We had to revise our growth projections, downwards to 4% for last year. We are expecting 5.8%(growth rate) in 2020 and then an upward trajectory to 6.5% in 2021,” Georgieva told a group of journalists in Washington on Friday. Also read: Briefcase or 'bahi-khata' - What will Sitharaman carry for her second budget presentation? “It appears that the main reason for this slowdown was the non-banking financial institutions experiencing a turbulence,” she said on the eve of Union Finance Minister Nirmala Sitharaman presenting the annual budget in Parliament on Saturday. She said India had undertaken some important reforms that over the longer term would be beneficial for the country, but they do have some short-term impact. Also read: 2020 Budget Glossary - Here are key terms you should know to understand the Budget “For example, coming with the unified tax system, and the demonetisation took place. These are steps that over time are beneficial, but of course they might be somewhat disruptive over short term,” Georgieva said in response to a question. The IMF MD said that there is not a lot of fiscal space in India. But we also recognise that the policies of the government on that side, on the fiscal side have been prudent. We will see how the reading of the budget, the submission of the budget goes, tomorrow, she said. In the medium-term, she said, the IMF remains optimistic about India. This is why we see that upswing potential for the growth in the country, she said. Georgieva said that the current economic slowdown cannot be described as a recession. She noted that the consumption in India also slowed down and that contributed to the overall slowdown in the economy. The IMF would be keen to see what India does to get relatively sound macroeconomic fundamentals to pay off in terms of better growth trajectory, she said ahead of the budget.

Indian economy experienced abrupt slowdown in 2019, but it’s not in a recession: IMF MD

Rajya Sabha Chairman <a href="https://www.wionews.com/india-news/make-people-equal-partners-in-development-process-vice-president-venkaiah-naidu-to-ias-officers-249264">M Venkaiah Naidu</a> suggested to all concerned to ensure submission of reports on Demands for Grants of various Ministries by the Department Related Standing Committees (DRSCs) before the <a href="https://www.wionews.com/business-economy/feel-good-budget-may-see-cut-in-tax-rate-sops-for-social-sectors-277884">budget</a> is approved by the Parliament.

He said submission of such reports later would not give time for the government to consider the recommendations made by the committees in respect of various ministries.

Naidu spoke on the need for timely submission of reports at a meeting of leaders of various parties in <a href="https://www.wionews.com/india-news/rajya-sabha-passes-citizenship-amendment-bill-267747">Rajya Sabha</a> at his residence coinciding with the start of the budget session.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/feel-good-budget-may-see-cut-in-tax-rate-sops-for-social-sectors-277884">'Feel good' budget may see cut in tax rate, sops for social sectors</a>

The Chairman urged Minister of Parliamentary Affairs Prahlad Joshi to talk to all concerned including Chairmen of various committees regarding timely submission of reports on Demands for Grants.

Naidu said he would also speak to the Lok Sabha Speaker <a href="https://www.wionews.com/india-news/lok-sabha-speaker-om-birla-rejects-ministers-demand-says-there-will-be-no-adjournments-238511">Om Birla</a> in this regard.

Naidu reminded the leaders of the good work done by the Rajya Sabha during the last two sessions in terms of the productivity and quality of debates and urged them to ensure the same positive momentum during the budget session.

He said that the session offers ample opportunities to raise and discuss all issues of wider public concern during the long debates on the Motion of Thanks to the President's Address as also discussion on the budget.

Also read: <a href="https://www.wionews.com/business-economy/briefcase-or-bahi-khata-what-will-sitharaman-carry-for-her-second-budget-presentation-277851">What will Sitharaman carry for her second budget presentation?</a>

He also advised leaders to ensure that members belonging to respective parties come prepared to make an effective contribution to the debates in the House.

Voicing his concern over inadequate attendance during the proceedings of the House and in the meetings of various committees, Naidu urged the leaders of various parties to ensure attendance by their Members.

According to an official release, he noted that a situation of lack of quorum should not arise as it reflects poorly on the functioning of legislatures.

Leader of Opposition <a href="https://www.wionews.com/india-general-elections-2019/azad-does-a-u-turn-219356">Ghulam Nabi Azad </a>said the government should be willing to accommodate concerns of the opposition and enable various issues of public concern to be discussed in the House.

Joshi said the government is always willing to discuss any issue as decided by the Chairman.

Rajya Sabha Chairman M Venkaiah Naidu suggested to all concerned to ensure submission of reports on Demands for Grants of various Ministries by the Department Related Standing Committees (DRSCs) before the budget is approved by the Parliament.

Rajya Sabha Chairman M Venkaiah Naidu suggested to all concerned to ensure submission of reports on Demands for Grants of various Ministries by the Department Related Standing Committees (DRSCs) before the budget is approved by the Parliament. He said submission of such reports later would not give time for the government to consider the recommendations made by the committees in respect of various ministries. Naidu spoke on the need for timely submission of reports at a meeting of leaders of various parties in Rajya Sabha at his residence coinciding with the start of the budget session. Also read: 'Feel good' budget may see cut in tax rate, sops for social sectors The Chairman urged Minister of Parliamentary Affairs Prahlad Joshi to talk to all concerned including Chairmen of various committees regarding timely submission of reports on Demands for Grants. Naidu said he would also speak to the Lok Sabha Speaker Om Birla in this regard. Naidu reminded the leaders of the good work done by the Rajya Sabha during the last two sessions in terms of the productivity and quality of debates and urged them to ensure the same positive momentum during the budget session. He said that the session offers ample opportunities to raise and discuss all issues of wider public concern during the long debates on the Motion of Thanks to the President's Address as also discussion on the budget. Also read: What will Sitharaman carry for her second budget presentation? He also advised leaders to ensure that members belonging to respective parties come prepared to make an effective contribution to the debates in the House. Voicing his concern over inadequate attendance during the proceedings of the House and in the meetings of various committees, Naidu urged the leaders of various parties to ensure attendance by their Members. According to an official release, he noted that a situation of lack of quorum should not arise as it reflects poorly on the functioning of legislatures. Leader of Opposition Ghulam Nabi Azad said the government should be willing to accommodate concerns of the opposition and enable various issues of public concern to be discussed in the House. Joshi said the government is always willing to discuss any issue as decided by the Chairman.

Naidu suggests giving reports on Demands for Grants before budget approval

Finance Minister Nirmala Sitharaman will present Modi government’s Budget 2020 speech in the Parliament today. Union Budget 2020 on February 1 is seen as an important one, with India Inc and the common man having several expectations.

India Budget 2020: FM Nirmala Sitharaman to present her second consecutive Budget today

The Union Budget turned out to be a major disappointment for the market in the form of a wider fiscal deficit (at 3.8 percent) for FY 2020.

Markets' thumb down to Budget 2020, Sensex tumbles almost 1,000 pts

Budget 2020 proposes a new tax regime that includes reductions of income tax slabs to reduce income tax rates and the total tax payable by individuals. Income between Rs 12.5 lakh and Rs 15 lakh will be taxed 25% less than the current 30%. Income above Rs 15 lakh will be subject to 30% tax.

Major relief for taxpayers, new tax slab proposed | Budget 2020

Budget 2020: New optional tax regime proposed

PM Modi thanks, congratulates the Finance Minister Nirmala Sitharaman and addresses the nation on budget 2020 presented by Finance Minister Nirmala Sitharaman. He said, "This budget is focused on employment generation".

Prime Minister expresses views on Budget 2020 presentation, "Focus on employment generation budget"

Union Finance Minister Nirmala Sitharaman on Saturday presented her second Union Budget that focussed towards boosting India's economic growth and maintaining the fiscal disciple. Sitharaman, 60, broke her own record of a 2-hour-17- minute-long maiden Budget speech in July 2019.

Press Conference: Finance Minister Nirmala Sitharaman Speaks On Budget

Finance Minister of India, Nirmala Sitharaman today slashed the personal income tax rate for individuals for the fiscal year 2020-21. Under the new regime, taxpayers will pay 10%, 15%, 20% and 25% for incomes between Rs 5-7.5 lakh, Rs 7.5-10 lakh, Rs 10-12.5 lakh and Rs 12.5-15 lakh.

Watch In-depth Analysis of Budget 2020

The Indian Finance Minister Nirmala Sitharaman has proposed an outlay of Rs 22,000 crore for power and renewable energy sector for FY Budget 2020-21. This is the second budget for Sitharaman, who became the second woman finance minister after Indira Gandhi to do so in the history of independent India.

Union Budget 2020: Rs 22,000 Cr allocated for power and renewable energy sector

The Indian Finance Minister Nirmala Sitharaman while presenting Union Budget for FY 2020-21 announced completely electronic registration of charity institutions. Also, to claim exemptions for donations easily, donations made to charity institutions will now be pre-filled in Income Tax return form.

Union Budget 2020: Charity institutions registration made completely electronic

The Indian Finance Minister Nirmala Sitharaman while presenting Union Budget for FY 2020-21 announced the new income tax slab rate. She announced, "Twenty per cent tax for individuals annually earning between Rs 10 lakh and Rs 12.5 lakh, 25 per cent for income between Rs 12.5 lakh and 15 lakh, 30 per cent for above Rs 15 lakh income under the new slab," For those who are earning upto Rs 5 lakh in a year will pay no tax, "For income between Rs 7.5 lakh and Rs 10 lakh per annum, the tax rate has been reduced to 15 per cent from 20 per cent and 10 per cent tax for income between Rs 5 lakh and Rs 7.5 lakh per anum for those who forego deductions and exemptions. This is the second budget for Sitharaman, who became the second woman finance minister after Indira Gandhi to do so in the history of independent India.

Union Budget 2020: Relief for Indian taxpayers

The Indian Finance Minister Nirmala Sitharaman while presenting Union Budget for FY 2020-21 said, We have estimated nominal growth of GDP for the year 2020-21 on the trends available at 10%. This is the second budget for Sitharaman, who became the second woman finance minister after Indira Gandhi to do so in the history of independent India.

Nirmala Sitharaman: Fiscal deficit for FY 2020-21 pegged at 3.5% | Union Budget 2020

A cut in personal income tax, sops for rural and agriculture sectors as well as an aggressive push on infrastructure spending are likely to be part of Finance Minister Nirmala Sitharaman's "feel-good" second Budget.

Facing the worst economic slowdown in more than a decade, Sitharaman is expected to pull out all stops to spur consumer demand and investment, government sources and economists said.

Sitharaman's second Budget, to be presented on February 1, is expected to announce measures to restore economic growth and to set out a clear road map for achieving the ambitious target of USD 5 trillion economy by 2025.

Investments have failed to pick up despite corporate tax cuts and other stimulus measures, higher FDI inflows, plans to consolidate state-owned banks and monetary easing.

Also read: <a href="http://wionews.com/business-economy/briefcase-or-bahi-khata-what-will-sitharaman-carry-for-her-second-budget-presentation-277851">Briefcase or 'bahi-khata' - What will Sitharaman carry for her second budget presentation?</a>

After corporate tax cuts in September last year, speculation is rife about possible reduction in personal income taxes. A combination of an increase in the basic exemption limit and/or the introduction of a differentiated tax rate structure for higher incomes may be on the cards.

To cushion the impact on collections, these tweaks might be accompanied by rationalisation in tax rebates.

"The government announced a slew of stimulus measures in the last four months but consumer confidence is missing. Not many are eager to take loans to buy homes or cars fearing the worst. The feel good factor in the economy is missing," a senior government source said.

"I think the Budget will be a feel-good Budget that will try to restore faith in the economy and spur spending and investments," the source said.

With disbursements under the PM-Kisan scheme to farmers being less than the budgeted amount, the Budget may also see measures to get states to onboard more eligible farmers under the scheme.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/budget-news-2020-budget-glossary-here-are-key-terms-you-should-know-to-understand-the-budget-273968">2020 Budget Glossary - Here are key terms you should know to understand the Budget</a>

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Also, there would be announcements for sectors such as renewable energy, e-vehicle, power, affordable housing, real estate, and exports, they said.

Financial markets are expecting relief on Securities Transaction Tax (STT), Long Term Capital Gains Tax (LTCG) and removal of dividend tax.

Capital infusion in public sector banks and liquidity measures for Non-Banking Finance Companies (NBFC) may also be on the horizon.

Both the government sources and the economists felt the Budget would reaffirm the focus on infrastructure spending after the rollout of an ambitious National Infra Pipeline (NIP) in December.

Social sector schemes such as rural electrification, MGNREGA, healthcare, education and skill training may also find mention in the Budget.

However, all such measures would come at the cost of fiscal slippage.

The Economic Survey for 2019-20, released on Friday, has already laid the ground by suggesting to the government to keep the focus on reviving growth and letting go of fiscal discipline a bit.

The RBI, armed with a favourable inflation backdrop, defended slowdown risks last year with 110 basis points cut in interest rates. As it puts a brake on the easing cycle, due to an unseasonal spurt in food prices leading to above-target inflation, the ball is in the government's court to revive growth.

Sitharaman would have to do a balancing between efforts to boost growth and the need for fiscal restraint. Economists expect a slight policy tilt towards prioritising growth.

Real GDP growth is estimated to fall to an 11-year low of 5 per cent in FY20 from 6.1 per cent in FY19. Estimated nominal growth at 7.5 per cent in FY20 is the lowest since 1975-76 (FY76) as per the FY12-based GDP series.

IIP growth turned positive but remained low at 1.8 per cent in November 2019 after contracting by (-) 4 per cent in October 2019.

CPI inflation increased to a 65-month high of 7.4 per cent in December 2019, its fifth sequential rise, mainly due to persistently rising vegetable prices. 
Also, growth in bank credit fell to a 25-month low of 8 per cent in November 2019

A cut in personal income tax, sops for rural and agriculture sectors as well as an aggressive push on infrastructure spending are likely to be part of Finance Minister Nirmala Sitharaman's "feel-good" second Budget.

A cut in personal income tax, sops for rural and agriculture sectors as well as an aggressive push on infrastructure spending are likely to be part of Finance Minister Nirmala Sitharaman's "feel-good" second Budget. Facing the worst economic slowdown in more than a decade, Sitharaman is expected to pull out all stops to spur consumer demand and investment, government sources and economists said. Sitharaman's second Budget, to be presented on February 1, is expected to announce measures to restore economic growth and to set out a clear road map for achieving the ambitious target of USD 5 trillion economy by 2025. Investments have failed to pick up despite corporate tax cuts and other stimulus measures, higher FDI inflows, plans to consolidate state-owned banks and monetary easing. Also read: Briefcase or 'bahi-khata' - What will Sitharaman carry for her second budget presentation? After corporate tax cuts in September last year, speculation is rife about possible reduction in personal income taxes. A combination of an increase in the basic exemption limit and/or the introduction of a differentiated tax rate structure for higher incomes may be on the cards. To cushion the impact on collections, these tweaks might be accompanied by rationalisation in tax rebates. "The government announced a slew of stimulus measures in the last four months but consumer confidence is missing. Not many are eager to take loans to buy homes or cars fearing the worst. The feel good factor in the economy is missing," a senior government source said. "I think the Budget will be a feel-good Budget that will try to restore faith in the economy and spur spending and investments," the source said. With disbursements under the PM-Kisan scheme to farmers being less than the budgeted amount, the Budget may also see measures to get states to onboard more eligible farmers under the scheme. Also read: 2020 Budget Glossary - Here are key terms you should know to understand the Budget × Also, there would be announcements for sectors such as renewable energy, e-vehicle, power, affordable housing, real estate, and exports, they said. Financial markets are expecting relief on Securities Transaction Tax (STT), Long Term Capital Gains Tax (LTCG) and removal of dividend tax. Capital infusion in public sector banks and liquidity measures for Non-Banking Finance Companies (NBFC) may also be on the horizon. Both the government sources and the economists felt the Budget would reaffirm the focus on infrastructure spending after the rollout of an ambitious National Infra Pipeline (NIP) in December. Social sector schemes such as rural electrification, MGNREGA, healthcare, education and skill training may also find mention in the Budget. However, all such measures would come at the cost of fiscal slippage. The Economic Survey for 2019-20, released on Friday, has already laid the ground by suggesting to the government to keep the focus on reviving growth and letting go of fiscal discipline a bit. The RBI, armed with a favourable inflation backdrop, defended slowdown risks last year with 110 basis points cut in interest rates. As it puts a brake on the easing cycle, due to an unseasonal spurt in food prices leading to above-target inflation, the ball is in the government's court to revive growth. Sitharaman would have to do a balancing between efforts to boost growth and the need for fiscal restraint. Economists expect a slight policy tilt towards prioritising growth. Real GDP growth is estimated to fall to an 11-year low of 5 per cent in FY20 from 6.1 per cent in FY19. Estimated nominal growth at 7.5 per cent in FY20 is the lowest since 1975-76 (FY76) as per the FY12-based GDP series. IIP growth turned positive but remained low at 1.8 per cent in November 2019 after contracting by (-) 4 per cent in October 2019. CPI inflation increased to a 65-month high of 7.4 per cent in December 2019, its fifth sequential rise, mainly due to persistently rising vegetable prices. Also, growth in bank credit fell to a 25-month low of 8 per cent in November 2019

'Feel good' budget may see cut in tax rate, sops for social sectors

Know how stock market is reacting to Budget 2020

The Budget Session of the Indian Parliament commenced on Friday (January 31) with an address by President Ram Nath Kovind to the joint sitting of two Houses of Parliament. Now all eyes will be on Indian Finance Minister Nirmala Sitharaman tomorrow as she will present her second budget as the country's finance minister. Trade pundits and businesses are waiting with a baited breath, expecting her to bail out the economy of the ongoing slump.

Expectations from the Indian Union Budget 2020

All eyes will be on Nirmala Sitharaman tomorrow as she will present her second budget as the country's finance minister.

Trade pundits and businesses are waiting with a baited breath, expecting her to bail out the economy of the ongoing slump.

On a lighter vein, it also remains to be seen if she would carry documents in a briefcase or a traditional bahi-khata which she used for her maiden budget presentation. On the day of the Union Budget presentation in 2019, Sitharaman broke away from long-standing traditions of colonial-era when she ditched the briefcase and opted for traditional bahi khata, which is a kind of a ledger wrapped in a red coloured cloth.

The word 'budget'&nbsp;has its origin in the French word Bougette, which means leather briefcase. Traditionally, budget documents -- which primarily include papers related to revenue receipt and expenditure as well as the speech of finance minister -- were carried in a brown briefcase, a legacy passed on by the British.

However, traditional Indian businessmen used bahi-khata to maintain their books of account. Commenting on the shift from a briefcase to bahi-khata during the 89th Union Budget, Chief Economic Advisor, Krishnamurthy Subramanian had told ANI in July last year: "The government is following Indian tradition and bahi khata symbolises our departure from the slavery of Western thought."

Also read: <a href="https://www.wionews.com/business-economy/budget-news-2020-budget-glossary-here-are-key-terms-you-should-know-to-understand-the-budget-273968">Here are key terms you should know to understand the Budget</a>

On being asked about the replacement of the briefcase, Subramanian had said, "It is not a Budget, but a Bahi-Khata (ledger)."

"Sitharaman believes that leather made products are not auspicious for the big occasion, so she avoided the leather bag and took the bahi khata wrapped in the red cloth. This is considered to be auspicious," he had said.

In July last year, Sitharaman had said that Modi government is not a "suitcase-carrying government".In a veiled attack on Congress, she connected her idea of carrying budget documents wrapped in a red cloth instead of a briefcase with alleged corruption in the previous UPA government at the Centre.

"For Budget 2019, I did not carry a suitcase. We are not a suitcase-carrying government. A suitcase also denotes something else: suitcase-taking, suitcase-giving. Modi ji's government is not a suitcase government," she had said at the International Business Conference of Nagarathar in July 2019.

Before Sitharaman, a long-standing tradition in connection with the budget presentation was broken during the Atal Behari Vajpayee government with the then Finance Minister Yashwant Sinha presenting the budget at 11 am rather than at the traditional time of 5 pm. Since then all governments have been presenting the budget at 11 am.&nbsp;

All eyes will be on Nirmala Sitharaman tomorrow as she will present her second budget as the country's finance minister. Trade pundits and businesses are waiting with a baited breath, expecting her to bail out the economy of the ongoing slump.

All eyes will be on Nirmala Sitharaman tomorrow as she will present her second budget as the country's finance minister. Trade pundits and businesses are waiting with a baited breath, expecting her to bail out the economy of the ongoing slump. On a lighter vein, it also remains to be seen if she would carry documents in a briefcase or a traditional bahi-khata which she used for her maiden budget presentation. On the day of the Union Budget presentation in 2019, Sitharaman broke away from long-standing traditions of colonial-era when she ditched the briefcase and opted for traditional bahi khata, which is a kind of a ledger wrapped in a red coloured cloth. The word 'budget' has its origin in the French word Bougette, which means leather briefcase. Traditionally, budget documents -- which primarily include papers related to revenue receipt and expenditure as well as the speech of finance minister -- were carried in a brown briefcase, a legacy passed on by the British. However, traditional Indian businessmen used bahi-khata to maintain their books of account. Commenting on the shift from a briefcase to bahi-khata during the 89th Union Budget, Chief Economic Advisor, Krishnamurthy Subramanian had told ANI in July last year: "The government is following Indian tradition and bahi khata symbolises our departure from the slavery of Western thought." Also read: Here are key terms you should know to understand the Budget On being asked about the replacement of the briefcase, Subramanian had said, "It is not a Budget, but a Bahi-Khata (ledger)." "Sitharaman believes that leather made products are not auspicious for the big occasion, so she avoided the leather bag and took the bahi khata wrapped in the red cloth. This is considered to be auspicious," he had said. In July last year, Sitharaman had said that Modi government is not a "suitcase-carrying government".In a veiled attack on Congress, she connected her idea of carrying budget documents wrapped in a red cloth instead of a briefcase with alleged corruption in the previous UPA government at the Centre. "For Budget 2019, I did not carry a suitcase. We are not a suitcase-carrying government. A suitcase also denotes something else: suitcase-taking, suitcase-giving. Modi ji's government is not a suitcase government," she had said at the International Business Conference of Nagarathar in July 2019. Before Sitharaman, a long-standing tradition in connection with the budget presentation was broken during the Atal Behari Vajpayee government with the then Finance Minister Yashwant Sinha presenting the budget at 11 am rather than at the traditional time of 5 pm. Since then all governments have been presenting the budget at 11 am.

Briefcase or 'bahi-khata': What will Sitharaman carry for her second budget presentation?

The government on Friday revised downwards the economic growth rate for 2018-19 to 6.1 per cent from 6.8 per cent estimated earlier, mainly due to deceleration in mining, manufacturing and farm sectors.

"Real GDP or GDP at constant (2011-12) prices for the years 2018-19 and 2017-18 stand at Rs 139.81 lakh crore and Rs 131.75 lakh crore, respectively, showing growth of 6.1 per cent during 2018-19 and 7.0 per cent during 2017-18," the National Statistical Office said in revised national account data released on Friday.

Under the first revision released in January 2019, real GDP or GDP at constant (2011-12) prices for 2017-18 was pegged at Rs 131.80 lakh crore, showing a growth of 7.2 per cent.

Also read: <a href="https://www.wionews.com/business-economy/finance-minister-nirmala-sitharaman-tables-economic-survey-in-parliament-gdp-growth-projected-at-6-65-for-2020-21-277715">Finance Minister Nirmala Sitharaman tables Economic Survey in Parliament</a>

"The growth in real GVA (gross value added) during 2018-19 has been lower than that in 2017-18 mainly due to relatively lower growth in Agriculture, Forestry &amp; Fishing', Mining and Quarrying', Manufacturing', Electricity, Gas, Water Supply &amp; Other Utility Services', Financial Services, Public Administration and Defense' and Other Services'," it added.

During 2018-19, at constant prices, the growth rates of primary (comprising agriculture, forestry, fishing and mining &amp; quarrying), secondary (comprising manufacturing, electricity, gas, water supply &amp; other utility services, and construction) and tertiary (services) sectors have been estimated at 1.0 per cent, 6.0 per cent and 7.7 per cent, as against 5.8 per cent, 6.5 per cent and 6.9 per cent, respectively, in the previous year.

Also read: <a href="https://www.wionews.com/business-economy/india-can-end-up-with-5-real-gdp-growth-this-fiscal-chairman-of-pms-economic-advisory-council-277423">India can end up with 5% real GDP growth this fiscal: Chairman of PM's Economic Advisory Council</a>

The Nominal Net National Income (NNI) at current prices for 2018-19 stands at Rs 167.89 lakh crore as against Rs 151.50 lakh crore in 2017-18, showing growth of 10.8 per cent during 2018-19 as against 11.2 per cent in the previous year.

The per capita income, that is per capita net national income at current prices, is estimated as Rs 1,15,293 and Rs 1,26,521 respectively for the years 2017-18 and 2018-19. 
Per capita Private Final Consumption Expenditure (PFCE) at current prices for the years 2017-18 and 2018-19 is estimated at Rs 76,794 and Rs 84,808 respectively.&nbsp;

The government on Friday revised downwards the economic growth rate for 2018-19 to 6.1 per cent from 6.8 per cent estimated earlier, mainly due to deceleration in mining, manufacturing and farm sectors.

The government on Friday revised downwards the economic growth rate for 2018-19 to 6.1 per cent from 6.8 per cent estimated earlier, mainly due to deceleration in mining, manufacturing and farm sectors. "Real GDP or GDP at constant (2011-12) prices for the years 2018-19 and 2017-18 stand at Rs 139.81 lakh crore and Rs 131.75 lakh crore, respectively, showing growth of 6.1 per cent during 2018-19 and 7.0 per cent during 2017-18," the National Statistical Office said in revised national account data released on Friday. Under the first revision released in January 2019, real GDP or GDP at constant (2011-12) prices for 2017-18 was pegged at Rs 131.80 lakh crore, showing a growth of 7.2 per cent. Also read: Finance Minister Nirmala Sitharaman tables Economic Survey in Parliament "The growth in real GVA (gross value added) during 2018-19 has been lower than that in 2017-18 mainly due to relatively lower growth in Agriculture, Forestry & Fishing', Mining and Quarrying', Manufacturing', Electricity, Gas, Water Supply & Other Utility Services', Financial Services, Public Administration and Defense' and Other Services'," it added. During 2018-19, at constant prices, the growth rates of primary (comprising agriculture, forestry, fishing and mining & quarrying), secondary (comprising manufacturing, electricity, gas, water supply & other utility services, and construction) and tertiary (services) sectors have been estimated at 1.0 per cent, 6.0 per cent and 7.7 per cent, as against 5.8 per cent, 6.5 per cent and 6.9 per cent, respectively, in the previous year. Also read: India can end up with 5% real GDP growth this fiscal: Chairman of PM's Economic Advisory Council The Nominal Net National Income (NNI) at current prices for 2018-19 stands at Rs 167.89 lakh crore as against Rs 151.50 lakh crore in 2017-18, showing growth of 10.8 per cent during 2018-19 as against 11.2 per cent in the previous year. The per capita income, that is per capita net national income at current prices, is estimated as Rs 1,15,293 and Rs 1,26,521 respectively for the years 2017-18 and 2018-19. Per capita Private Final Consumption Expenditure (PFCE) at current prices for the years 2017-18 and 2018-19 is estimated at Rs 76,794 and Rs 84,808 respectively.

GDP growth rate for 2018-19 revised downwards to 6.1% from 6.8%

The Modi government has announced the date and timings for the upcoming India Budget 2020. Union Finance Minister Nirmala Sitharaman will present Budget 2020 speech in the Parliament on February 1.

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The Finance Minister of India Nirmala Sitharaman will table the Budget on 1st February 2020. The Indian, as well as the global market, have great expectations from this budget.

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India plans to increase import duties on more than 50 items including electronics, electrical goods, chemicals and handicrafts, targeting about $56 billion worth of imports from <a href="https://www.wionews.com/opinions-blogs/is-china-myanmar-economic-corridor-turning-out-to-be-another-cpec-275688">China</a> and elsewhere, officials and industry sources said.

Finance Minister <a href="https://www.wionews.com/videos/wion-dispatch-nirmala-sitharaman-unveils-rs-102-lakh-crore-of-infra-projects-for-next-5-years-271287">Nirmala Sitharaman</a> could make the announcement when she presents her <a href="https://www.wionews.com/india-news/all-you-need-to-know-about-halwa-ceremony-ahead-of-budget-275107">annual budget</a> for 2020-2021 on February&nbsp;1, along with other stimulus measures to revive sagging economic growth, one of the government officials said.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/wion-dispatch-nirmala-sitharaman-unveils-rs-102-lakh-crore-of-infra-projects-for-next-5-years-271287/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Higher customs duties are likely to hit goods such as mobile phone chargers, industrial chemicals, lamps, wooden furniture, candles, jewellery and handicraft items, two government sources with direct knowledge of the matter said.

The move could hit smartphone manufacturers that still import chargers or other components such as vibrator motors and ringers, along with retailers such as giant <a href="https://www.wionews.com/india-news/ikea-opens-its-first-india-store-in-hyderabad-158016">IKEA</a> that is in the process of expanding its footprint in India.

IKEA had previously flagged higher Indian customs duties as a challenge.

The government had identified items and decided to increase import tariffs by 5 to 10 percent as recommended by a panel of trade and finance ministry officials, among others, the second government official said.

"Our aim is to curb imports of non-essential items," said the official, adding a hike in import duties would provide a level playing field for local manufacturers-hit by cheap imports from China, the <a href="https://www.wionews.com/south-east-asia/southeast-asia-should-ban-foreign-trash-imports-environmentalists-228309">Association of Southeast Asian Nations</a> (ASEAN), and other countries that enjoy trade pacts with India.

<a href="https://www.wionews.com/india-news/rcep-was-unbalanced-trade-agreement-says-piyush-goyal-at-world-economic-forum-276198">Also read:&nbsp;RCEP was unbalanced&nbsp;trade agreement, says Piyush Goyal at World Economic Forum</a>

The sources asked not be identified as the discussions were private.

A spokesman for the finance ministry and a spokeswoman for the commerce ministry declined to comment.

Since taking charge in 2014, Prime Minister <a href="https://www.wionews.com/nepal/nepal-invites-pm-narendra-modi-for-sagarmatha-dialogue-276287">Narendra Modi </a>has imposed several restrictions on imports while allowing more foreign investment in manufacturing, defence and other sectors.

Modi's ruling <a href="https://www.wionews.com/opinions-blogs/delhi-assembly-elections-bjp-must-declare-chief-ministerial-candidate-275883">Bharatiya Janata Party</a> (BJP) has also asked the government to increase duties on non-essential items to boost local manufacturing.

"We expect the budget will address the issue of ... cheap imports under free trade pacts," Gopal Krishan Agarwal, the head of BJP's Economic Affairs Cell, told Reuters.

The <a href="https://www.wionews.com/world/mexico-detains-800-central-american-migrants-headed-to-united-states-276281">United States </a>wants India to buy at least another $5-6 billion worth of American farm goods if New Delhi wants to win reinstatement of a key US. trade concession and seal a wider pact, four sources familiar with the talks told Reuters.

US&nbsp;President <a href="https://www.wionews.com/world/trump-administration-rolls-back-law-preventing-pollution-in-drinking-water-sources-276317">Donald Trump </a>cited trade barriers last year when removing India from its Generalized System of Preferences programme that allowed zero tariffs on $5.6 billion of exports to the United States. In retaliation, India slapped higher tariffs on more than two dozens U.S. products.

India plans to increase import duties on more than 50 items including electronics, electrical goods, chemicals and handicrafts, targeting about $56 billion worth of imports from China and elsewhere, officials and industry sources said.

India plans to increase import duties on more than 50 items including electronics, electrical goods, chemicals and handicrafts, targeting about $56 billion worth of imports from China and elsewhere, officials and industry sources said. Finance Minister Nirmala Sitharaman could make the announcement when she presents her annual budget for 2020-2021 on February 1, along with other stimulus measures to revive sagging economic growth, one of the government officials said. Higher customs duties are likely to hit goods such as mobile phone chargers, industrial chemicals, lamps, wooden furniture, candles, jewellery and handicraft items, two government sources with direct knowledge of the matter said. The move could hit smartphone manufacturers that still import chargers or other components such as vibrator motors and ringers, along with retailers such as giant IKEA that is in the process of expanding its footprint in India. IKEA had previously flagged higher Indian customs duties as a challenge. The government had identified items and decided to increase import tariffs by 5 to 10 percent as recommended by a panel of trade and finance ministry officials, among others, the second government official said. "Our aim is to curb imports of non-essential items," said the official, adding a hike in import duties would provide a level playing field for local manufacturers-hit by cheap imports from China, the Association of Southeast Asian Nations (ASEAN), and other countries that enjoy trade pacts with India. Also read: RCEP was unbalanced trade agreement, says Piyush Goyal at World Economic Forum The sources asked not be identified as the discussions were private. A spokesman for the finance ministry and a spokeswoman for the commerce ministry declined to comment. Since taking charge in 2014, Prime Minister Narendra Modi has imposed several restrictions on imports while allowing more foreign investment in manufacturing, defence and other sectors. Modi's ruling Bharatiya Janata Party (BJP) has also asked the government to increase duties on non-essential items to boost local manufacturing. "We expect the budget will address the issue of ... cheap imports under free trade pacts," Gopal Krishan Agarwal, the head of BJP's Economic Affairs Cell, told Reuters. The United States wants India to buy at least another $5-6 billion worth of American farm goods if New Delhi wants to win reinstatement of a key US. trade concession and seal a wider pact, four sources familiar with the talks told Reuters. US President Donald Trump cited trade barriers last year when removing India from its Generalized System of Preferences programme that allowed zero tariffs on $5.6 billion of exports to the United States. In retaliation, India slapped higher tariffs on more than two dozens U.S. products.

India likely to raise import duties on more than 50 items

Amid ongoing nationwide protests against Citizenship (Amendment) Act, 2019, <a href="https://www.wionews.com/business-economy/budget-2019-key-takeaways-announced-by-nirmala-sitharaman-in-parliament-233179">Finance Minister Nirmala Sitharaman</a> on Sunday said that as many as 2838 people from Pakistan were given citizenship during the last six years.

"In the last six years, as many as 2838 Pakistani refugees, 914 Afghanistani refugees, 172 Bangladeshi refugees including Muslims have been given Indian citizenship. From 1964 to 2008, more than 4,00,000 Tamils (from Sri Lanka) have been given Indian citizenship," Sitharaman said at 'Programme on Citizenship (Amendment) Act, 2019' event.

Also Read:&nbsp;<a href="https://www.wionews.com/india-general-elections-2019/nirmala-sitharaman-the-first-full-time-woman-defence-minister-retained-as-union-minister-222866">Nirmala Sitharaman: The first full time woman defence minister retained as Union Minister</a>

<img alt="Nirmala Sitharaman" data-entity-type="file" data-entity-uuid="6e168db8-3114-450b-8e9a-d408657a346e" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%2814%29_9.jpg" /> 
[ Nirmala Sitharaman (Courtesy: ANI) ]

She added, "Till 2014, over 566 Muslims from Pakistan, Bangladesh and Afghanistan were given Indian citizenship. During 2016-18 under <a href="https://www.wionews.com/videos/finance-minister-nirmala-sitharaman-addresses-media-on-the-indian-economys-state-249625">Modi government</a>, around 1595 Pakistani migrants and 391 Afghanistani Muslims were given Indian citizenship."

The minister, further, said, "It was also during the same period in 2016, that Adnan Sami was given Indian citizenship, this is an example. Giving citizenship to Taslima Nasreen is another example."

Sitharaman added that people who came from East Pakistan have been settled at various camps in the country.

"They are still there and it's been 50-60 years now. If you visit these camps, your heart will cry. The situation is the same with Sri Lankan refugees who continue to live in camps. They're barred from getting <a href="https://www.wionews.com/business-economy/ride-hailing-services-metro-trains-bs-vi-among-other-reasons-for-auto-sector-slowdown-finance-minister-nirmala-sitharaman-248878">basic facilities</a>," she said.

"The National Population Register (NPR) will be updated every 10 years and is not involved with the National Register of Citizens (NRC). Some are involved in raising false allegations and triggering people unnecessarily without any base," she added.

Amid ongoing nationwide protests against Citizenship (Amendment) Act, 2019, Finance Minister Nirmala Sitharaman on Sunday said that as many as 2838 people from Pakistan were given citizenship during the last six years.

Amid ongoing nationwide protests against Citizenship (Amendment) Act, 2019, Finance Minister Nirmala Sitharaman on Sunday said that as many as 2838 people from Pakistan were given citizenship during the last six years. "In the last six years, as many as 2838 Pakistani refugees, 914 Afghanistani refugees, 172 Bangladeshi refugees including Muslims have been given Indian citizenship. From 1964 to 2008, more than 4,00,000 Tamils (from Sri Lanka) have been given Indian citizenship," Sitharaman said at 'Programme on Citizenship (Amendment) Act, 2019' event. Also Read: Nirmala Sitharaman: The first full time woman defence minister retained as Union Minister [ Nirmala Sitharaman (Courtesy: ANI) ] She added, "Till 2014, over 566 Muslims from Pakistan, Bangladesh and Afghanistan were given Indian citizenship. During 2016-18 under Modi government, around 1595 Pakistani migrants and 391 Afghanistani Muslims were given Indian citizenship." The minister, further, said, "It was also during the same period in 2016, that Adnan Sami was given Indian citizenship, this is an example. Giving citizenship to Taslima Nasreen is another example." Sitharaman added that people who came from East Pakistan have been settled at various camps in the country. "They are still there and it's been 50-60 years now. If you visit these camps, your heart will cry. The situation is the same with Sri Lankan refugees who continue to live in camps. They're barred from getting basic facilities," she said. "The National Population Register (NPR) will be updated every 10 years and is not involved with the National Register of Citizens (NRC). Some are involved in raising false allegations and triggering people unnecessarily without any base," she added.

2838 Pakistanis, 914 Afghans, 172 Bangladeshis given Indian citizenship in last 6 years, says Nirmala Sitharaman

The customary halwa ceremony, which marks the process of printing documents for the Budget, will be hosted by the Finance Ministry on January 20, ahead of the presentation of the Union Budget on February 1.

Finance Minister Nirmala Sitharaman, other officials of the ministry and clerks will be present at the ceremony which will be held at North Block.

Every year, the government follows an annual tradition of hosting a halwa ceremony, a few days before the Budget is presented.

The making of halwa marks the official kick-off of events. The Indian dessert is prepared in a large vessel and served to the finance ministry staff as part of the ritual.

After the ceremony, the employees who are a part of the budget-making process, move to the basement of North Block for around 10 days. They will only emerge once the Finance Minister presents the Budget in Parliament.

This is done to prevent any leaks before the annual Budget is presented.The ceremony also recognises and lauds the efforts of every staff who have been a part of the budget-making process.&nbsp; 
&nbsp;

The customary halwa ceremony, which marks the process of printing documents for the Budget, will be hosted by the Finance Ministry on January 20, ahead of the presentation of the Union Budget on February 1.

The customary halwa ceremony, which marks the process of printing documents for the Budget, will be hosted by the Finance Ministry on January 20, ahead of the presentation of the Union Budget on February 1. Finance Minister Nirmala Sitharaman, other officials of the ministry and clerks will be present at the ceremony which will be held at North Block. Every year, the government follows an annual tradition of hosting a halwa ceremony, a few days before the Budget is presented. The making of halwa marks the official kick-off of events. The Indian dessert is prepared in a large vessel and served to the finance ministry staff as part of the ritual. After the ceremony, the employees who are a part of the budget-making process, move to the basement of North Block for around 10 days. They will only emerge once the Finance Minister presents the Budget in Parliament. This is done to prevent any leaks before the annual Budget is presented.The ceremony also recognises and lauds the efforts of every staff who have been a part of the budget-making process.

All you need to know about halwa ceremony ahead of Budget

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