class="post-template-default single single-post postid-6227 single-format-standard wp-embed-responsive post-image-above-header post-image-aligned-center sticky-menu-fade right-sidebar nav-below-header separate-containers header-aligned-left dropdown-hover" itemtype="https://schema.org/Blog" itemscope>

Budget 2025: Why was Indira Gandhi’s 1973 budget called ‘Black Budget’, what happened then? – budget 2025 why indira gandhi 1973 budget called black budget what happened pakistan war agriculture

Budget 2025: Union Finance Minister Nirmala Sitharaman will present the budget on 1 February 2025. This budget will be for the financial year 2025-26. The upcoming budget will be the first full Union Budget of Modi Government 3.0. There is a lot of curiosity about this budget across the country. Different sectors of the country are putting forward their demands before the government regarding the budget. Do you know that one of the budgets presented so far in India has been named the Black Budget in history.

1973-73 was called black budget

The ‘Black Budget’ of 1973-74 has a special identity in the economic history of India. This budget was a mirror of the serious economic challenges and government policies of that time. After the India-Pakistan war of 1971, there was huge pressure on the country’s economy. The government treasury was empty due to war expenses. Along with this, the country faced drought and other natural disasters, which led to a huge decline in agricultural production.

Why was it called black budget?

The then Finance Minister Yashwantrao B. Chavan disclosed a fiscal deficit of Rs 550 crore in the 1973–74 budget, which was significant at that time. Blaming it for problems arising out of drought, Chavan said the budget deficit has increased due to a sharp decline in food grain production.

These announcements were made

Some important announcements were also made in this budget. These included a provision of Rs 56 crore for the nationalization of coal mines, insurance companies and Indian Copper Corporation. The government argued that nationalization of coal mines would meet the demand of the power sector. This ‘Black Budget’ deeply influenced the economic policies of the country and forced the government to cut expenses and adopt financial discipline.

Will these announcements be made in the year 2025?

There is a lot of speculation regarding the budget of 2025. There are reports that relief can be given to taxpayers. Also, according to the first estimates of the government, India’s GDP is likely to grow by 7.3 percent in the current financial year (2023-24). In such a situation, this budget is expected to provide relief to the general public and the industry.

Bank Holiday: Will banks remain closed tomorrow on January 11? Check what the RBI list says

Leave a Comment