The significance of the ceremony lies in its role as a formal send-off for ministry officials and staff involved in preparing the Union government's annual financial statement. The final session of the 17th Lok Sabha is slated to convene from January 31 to February 9, featuring the presentation of the interim budget on February 1 by Union Finance Minister Nirmala Sitharaman. Hosted by the finance minister and attended by other officials, this ceremony plays a pivotal role in the concluding stages of the extensive budget-making procedure spanning several months. The necessity for such stringent measures can be traced back to a significant leak that occurred during the preparation of the 1950 Union Budget under the tenure of Finance Minister John Mathai. Since 1980, the North Block basement at Delhi's Secretariat Building has been established as the permanent location for budget printing.

Source: dna January 21, 2024 01:37 UTC