Why was Indira Gandhi's 1973 budget called the 'Black Budget'?
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.
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Nashik TCS case: Accused Nida Khan held in Chhatrapati Sambhajinagar
Nashik (PTI): Weeks after she went into hiding, a female employee of the TCS unit in Nashik, accused in a case related to alleged religious conversion and sexual harassment of some women colleagues, has been arrested, police said.
Nida Khan was held on Thursday in Chhatrapati Sambhajinagar, Nashik Police Commissioner Sandeep Karnik said.
Khan is an accused in the Deolali Camp police station crime register number 156/26 here, he said.
A Special Investigation Team (SIT) of the Nashik police is probing nine cases of molestation and harassment at the IT major’s Nashik unit.
It had arrested eight persons, including a female operations manager, by registering nine FIRs after allegations of exploitation, attempt of forceful conversion, hurting religious sentiments, molestation and mental harassment of female employees at the TCS unit came to light.
The SIT had launched a search for Khan in different parts of Maharashtra. She is accused of targeting employees in a WhatsApp group, pressuring them to pray and eat non-vegetarian food.
According to the FIR, Khan allegedly advised women employees to dress and behave in accordance with Islamic traditions.
Some complainants have also alleged that they were coerced or pressured into adopting religious practices, including praying, changing dietary habits, and adopting religious symbols.
Besides Bharatiya Nyaya Sanhita (BNS) provisions for sexual harassment and defamation, Khan has also been booked under relevant sections of the Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Act, as the complainant belongs to a Scheduled Caste.
On April 18, she had moved the Nashik court seeking anticipatory bail and interim protection from arrest pending the plea hearing, citing her pregnancy. Her anticipatory bail plea was rejected by a court here on May 2.
TCS has clarified that it has adopted a zero-tolerance policy towards harassment and coercion of any form for a long time, and the employees allegedly involved in sexual harassment at the Nashik office have been suspended.
