Budget 2018: As per a ritual in the finance ministry, ‘Halwa Ceremony’ was conducted today where Finance Minister Arun Jaitley was present. The annual ceremony is observed before the commencement of the process of printing of documents related to the budget. Hence, making it official that the union budget is ready. The ceremony was conducted in the North Block, Secretariat Building today. Modi government will announce one of the important union budgets in its power on February 1 this year. The ritual ‘Halwa Ceremony’ was attended by Finance Minister Arun Jaitley, Minister of State for Finance, Shiv Pratap Shukla among other notable dignitaries.
It was from December 1, when the finance ministry in the North Block is under quarantine. This process of quarantine is observed to avoid any leaking of information related to the budget.
Jaitley’s Budget team has leaders like Minister of State for Finance Shiv Pratap Shukla and Pon Radhakrishnan, even Chief Economic Adviser Arvind Subramanian and NITI Aayog Vice-Chairman Rajiv Kumar. The team is headed by Finance Secretary Hasmukh Adhia, Economic Affairs Secretary SC Garg, Expenditure Secretary AN Jha, Disinvestment Secretary NK Gupta and Financial Services Secretary Rajiv Kumar.
The union budget 2018 will be the Narendra Modi government’s fifth budget. This will also be the final budget before crucial 2019 Lok Sabha Polls. The previous Budget 2017-18 was a unique one for the people of India, as, for the first time, both the railway budget and the general budget were presented on the same day. Simultaneously, Budget 2018 has a great significance across India.
There is an urgent need to strengthen medical insurance coverage in the country and develop talent in the healthcare sector, private players have said ahead of the upcoming Union Budget 2018-19. “There is a huge need to strengthen our healthcare sector to the growing disease burden of the country. While the proactive steps taken by the government in this regard are a good start, the budget should continue to embark on this path,” Fortis Healthcare CEO Bhavdeep Singh said in a statement.
Meanwhile, many have questions about the Budget and what exactly it is. As per the Oxford dictionary, a Budget is “An annual or other regular estimates of national revenue and expenditure put forward by a finance minister.”