On February 1 2020, finance minister Nirmala Sitharaman, born in Tamil Nadu’s Madurai district, will present the country’s Union Budget. On Monday (Jan 20), she kept alive a long-standing tradition — hosting the Halwa Ceremony — started by, as per public records, RK Shammukham Chetty (Chettiar), India’s first finance minister, also born in Tamil Nadu (Coimbatore).

The Union Budget or the “Annual Financial Statement” is a very serious affair — what with observers preempting what it may contain to analysts critiquing what it did contain — and depending on how good the policies are to whether there’s a policy paralysis, and from surplus in revenue to trade deficits, our budgets have at various times been termed ‘Dream Budget’, ‘Black Budget’ and everything in between.

The tradition of speculation continues in the run-up to the presentation of the 2020-21 Budget. A few fabled cats have already been let out of the bag, and key things among these are probable benefits to the consumers, likely to be left with more cash-in-hand, aimed at spurring domestic spending.

There are also bits of information from the North Block — where the finance ministry is housed — that corporates will also get benefits, besides the government finding ways to keep the industrial sector in good spirits.

Notwithstanding the many hopes pinned to this Budget, which, for the first time in years will have to have a string of policies that propel the economy while managing deficit and striking a balance between spending and income, most anticipated measures are being described as those arising from a TINA (There Is No Alternative) scenario.

This assessment comes in the background that India’s economy, notwithstanding what a defensive Union government has been saying, is in more than just a spot of bother.

That there is a TINA factor has been established by —among other serious analyses — the “apparent decision” to limit the number of alcohol bottles Indians will be allowed to pick up from duty-free shops in order “to limit import of non-essential items.” (You may be allowed just one from April 1).

Despite the many think-tanks in the government burning the midnight oil to project that “all is well”, they may not be able to conceal the distressing reality that the economy is struggling.

Describing the state of the economy, former chief economic advisor (CEA) to Government of India, Arvind Subramaian said on December 11, 2019: “…The Indian economy is not just in the midst of a downturn but that it is experiencing a ‘Great Slowdown’.”

Advising against cutting personal income tax rates, he said: “The notion that consumption drives growth is a peculiar Indian notion, which is false. Investments and exports fuel growth and that’s how most economies, even in East Asia see it. So slashing income tax rates is something I would say no to.”

India’s GDP estimates have been lowered multiple times in the past few quarters, the automobile sector is yet to recover from a year that saw its quarterly and half-yearly sales slip to record lows. The real estate sector has thousands of unsold inventory — unsold property in just the affordable segment in top cities are valued at Rs 1.4 lakh crore — while unemployment has also touched a record high. The most recent NCRB data shows how at least 10 people killed themselves because of unemployment and poverty every day.

These are just some pain points plaguing the economy. From exports to investments and from growing deficits to declining spending, economists point to a variety of issues that need to be addressed on a war footing. Not to speak of the untamable inflation, potential trade wars with chances of affecting oil procurement, and the struggling global economy that will only be a mega hurdle for Indian exports.

It is against this backdrop that Nirmala will present this year’s budget. And, it is in this context that I had today’s trending video, one that has her and other FinMin at the #HalwaCeremony, remind me of a popular Tamil phrase: ‘Halwa kudukaradhu’ (to serve Halwa).

Now, from Shanmukham (India’s first finance minister) to Nirmala (current finance minister) and others from almost every part of Tamil Nadu, would have, at some point, heard this phrase (Halwa kudukaradhu) which is generally used in the context that involves someone getting a raw deal. After all, from Cho (Ramaswamy) to Goundamani and from Manivannan and Satyaraj to Vadivelu using it extensively, this phrase has been popularised by Tamil cinema too.

But not for one moment am I suggesting that our government is attempting to serve India a raw deal, but I couldn’t resist wondering if India’s first finance minister had ‘Halwa kudukaradhu’ ringing in his head when he first served the Halwa, which has now become a tradition.

For those who don’t get the joke, I can only offer my sincerest apologies. I didn’t intend to serve you the Halwa.