From Halwa ceremony to presentation: How India crafts its Budget
What's the story
Finance Minister Nirmala Sitharaman will present the Union Budget for 2026-27 on February 1. This will be the first time since India's independence that a Union Budget is presented on a Sunday. The presentation will take place at 11:00am in the Lok Sabha. The decision to stick with the fixed date despite it falling on a Sunday is aimed at allowing more time for parliamentary discussions and smoother implementation before the new fiscal year starts on April 1.
Tradition
Halwa ceremony: A pre-Budget ritual
The Halwa ceremony, a long-standing pre-Budget ritual, will be held in the basement of North Block (Finance Ministry). It marks the finalization of the budget after which no major changes are made unless absolutely necessary. The ceremony is usually conducted 9-10 days before the budget presentation and marks the beginning of a lock-in period where officials involved in budget preparation are isolated from outsiders.
Market response
BSE and NSE to hold special trading sessions
On February 1, the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) will conduct special live trading sessions. This is to allow investors to respond in real-time to Sitharaman's budget announcements. The decision comes after a similar move was made on Saturday, February 1, 2020, when the budget was presented on that day.
Parliamentary proceedings
Budget session of Parliament: Schedule and recess
The Budget Session of Parliament will be held from January 28 to April 2, 2026. There will be a recess from February 14 to March 8, after which the second phase will resume on March 9 and continue till April 2. This schedule gives enough time for discussions and debates on the budget proposals before they are approved by both houses of Parliament.