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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UP: Govt hospital staff booked for sexually assaulting woman in pretext of ultrasound test
Gorakhpur (PTI): A hospital employee was booked for allegedly sexually assaulting a woman in the pretext of an ultrasound test here in the district women's hospital, police said on Saturday.
According to the complaint, the woman, a resident of the Gulriha area, visited the district women's hospital on Thursday morning for an ultrasound test.
She was directed to a room, where Abhimanyu Gupta was conducting ultrasounds. When her turn came, the accused allegedly stared at her and told her to remove all her clothes, claiming it was necessary for the test and that a massage would also be required, she said.
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The woman alleged that once she complied, the accused began making obscene advances and tried to force himself on her. When she screamed, he allegedly gagged her, abused her and threatened to kill her before pushing her out of the room.
She said her complaints within the hospital went unheard, forcing her to approach the police.
Taking cognisance of the complaint, the hospital administration constituted a three-member inquiry committee, officials said.
Senior consultant (paediatrics) Dr Jay Kumar said, "The woman has levelled serious allegations against a staff member. Senior officials have been informed, and a departmental inquiry is underway. Strict action will be taken if the charges are proved."
Kotwali Station House Officer Chatrapal Singh said a case has been registered, and efforts are on to nab the accused.
