Last Updated: July 17, 2024, 08:12 IST
Union Budget 2024 Expectations Live Updates: Finance Minister Nirmala Sitharaman is all set to table the Union Budget in just a week. Industry stakeholders are awaiting the presentation of the Budget with hopes of policy continuity, better allocations, and reforms. India is also hoping for tax relief measures from the Union Budget and is urging the government to raise the exemption limit from Rs 3 lakh to Rs 5 lakh.
Yesterday, ahead of the budget, the customary Halwa ceremony was performed to mark the final stage of the Budget preparation process for Union Budget 2024, which was held in North Block in New Delhi. It was held in the presence of Union Finance & Corporate Affairs Minister Nirmala Sitharaman and Union Minister of State for Finance Pankaj Chaudhary. The Halwa ceremony was also attended by secretaries of the finance ministry, CBDT Chairman and CBIC Chairman, besides officials of the finance ministry and North Block Budget Press.
The halwa ceremony is a kind of a ‘send-off’ for finance ministry officials and staff involved in the preparation of the Union government’s annual financial statement. They enter what is called a ‘lock-in’ period, during which they stay in the basement of North Block, cut off from the world outside to maintain the secrecy around the final budget document.
Earlier this week, the finance minister held a series of pre-budget consultation meetings with industry representatives and economists. Prime Minister Narendra Modi also held a high-level meeting with economists to gather suggestions on expectations from the Union Budget.