New Delhi: The Union Budget for 2025 is set to be presented in Parliament on February 1 by Finance Minister Nirmala Sitharaman. As the nation awaits the financial roadmap of the third term of Narendra Modi-led government, a look back at the 1973-74 budget reveals one of India's most financially challenging periods.

The 1973-74 budget, presented by then-Finance Minister Yashwantrao Chavan under Prime Minister Indira Gandhi, is often referred to as the ‘Black Budget’ due to its unprecedented fiscal deficit of ₹550 crore. This was a significant sum at the time, reflecting the severe economic strain India faced in the aftermath of the 1971 war with Pakistan.

The war had drained government resources, and a series of natural disasters, including drought, led to a sharp decline in agricultural production. This worsened the financial crisis, with declining revenues and rising expenditures. Presenting the budget, Chavan acknowledged the economic distress, stating that the drought had caused a major drop in food grain production, which contributed to the widening deficit.

In response, the government allocated ₹56 crore for the nationalisation of coal mines, insurance companies, and the Indian Copper Corporation. The move aimed to strengthen the energy sector and ensure state control over key industries. However, the large deficit forced the government to implement cost-cutting measures and financial discipline in subsequent years.

As the Modi 3.0 government prepares to unveil the 2025-26 budget, various sectors are putting forth their demands, including tax reliefs and economic stimulus measures. Social media is rife with memes attacking the Finance Minsiter for the tax policies and it's impact on the middle class. The government’s first estimates project a 7.3% GDP growth for 2023-24, shaping expectations for the upcoming budget.

Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.



Dubai, Feb 19 (PTI): India vice-captain Shubman Gill on Wednesday dethroned Babar Azam of Pakistan from the No. 1 spot in the ICC ODI Rankings for batters on the back of his strong show against England in the recent home series.

The ICC issued the latest rankings just ahead of the start of the eight-team Champions Trophy in Karachi with the match between Pakistan and New Zealand.

“India right-hander Shubman Gill overtakes former Pakistan captain Babar Azam to become the top ranked ODI batter in the world,” the ICC said.

Gill, who scored two fifties and a century in the recent three-match ODI series against England at home which India won 3-0, jumped one place to the No. 1 spot. He now has 796 rating points compared to Babar’s 773.

India skipper Rohit Sharma is placed at the third spot with 761 points followed by South Africa’s Henrich Klaasen and New Zealand’s Daryl Mitchell at fourth and fifth respectively.

“It's a major shake-up at the top of the rankings just prior to the start of the Champions Trophy and leaves an interesting sub-plot to what will transpire over the coming weeks during the eight-team tournament in Pakistan and Dubai,” the ICC said.

“This is the second time Gill has held the No.1 ranking in ODI cricket, with the India batter having also gone past Babar to claim top spot midway through the ICC Men's Cricket World Cup in 2023.

“Gill has been in excellent form of late, with his century against England in Ahmedabad during the third ODI of the recently concluded series enough to catapult the 25-year-old to the top of the rankings,” the global governing body added.

Sri Lanka’s Maheesh Theekshana, meanwhile, has taken the first position in the ODI rankings for bowlers as he replaced Afghanistan captain Rashid Khan.

“While Sri Lanka won't be featuring at the Champions Trophy, Theekshana earned the top spot following his exploits against the Aussies that included an excellent four-wicket haul in the opening match of that series in Colombo,” the ICC said.

Sri Lanka had recently handed a 2-0 whitewash to Australia with Theekshana taking four wickets.

The Sri Lankan spinner has 680 rating points, followed by Rashid at second, Namibia’s Bernard Scholtz at third, India’s Kuldeep Yadav at fourth and Pakistan’s Shaheen Shah Afridi at fifth.

“Meanwhile, Afghan spin wizard Rashid drops to second and will be keen to regain the No.1 spot as he trails his Sri Lankan counterpart by just 11 rating points,” the ICC said.

“While a trio of spinners in India's squad Kuldeep Yadav (up one place to fourth), South Africa's Keshav Maharaj (re-enters the rankings in sixth) and New Zealand's Mitchell Santner (up four rungs to seventh) are all inside the top 10 after making ground this week."

Afghanistan veteran Mohammad Nabi remains the top ranked all-rounder in ODIs, followed by Sikandar Raza, Azmatullah Omarzai, Mehidy Hasan Miraz and Rashid.