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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Vijayapura (Karnataka), Feb 19 (PTI): A MBBS student was allegedly ragged and assaulted by his seniors at a medical college here, following which authorities have swung into action and have initiated legal action against the culprits, offcials said on Wednesday.

The victim is a second-year MBBS student at Al-Ameen Medical College, and hails from Jammu and Kashmir.

According to official sources, the student has alleged that he was subjected to ragging and physical assault by senior students. The incident reportedly happened on Tuesday evening during a cricket match, when they questioned his presence and demanded that he leave, but he refused.

He was allegedly asked to sing songs and dance for their amusement, and was even threatened.

The district Deputy Commissioner's office in a statement said, the student did not suffer any injuries and that he was physically healthy, and appropriate legal action is being taken against four senior students.

"Regarding the report that a student at Al-Ameen Medical College in Navarasapura village of Tikota taluk being subjected to ragging and physical violence by 4 senior MBBS students of the same college, as per the directions of the Deputy Commissioner, Vijayapura and Tikota Tahsildars and Additional Superintendents of Police met the student who was assaulted, checked him, and inquired his well-being," the statement read.

They have given a report stating that the student did not suffer any injuries and he was physically healthy, it said

The details of the incident have been given to the Principal Secretary to the Government, Medical Education Department, Mohammad Mohsin, and he has asked to provide appropriate assistance to the attacked student and appropriate legal action to be taken against the four senior students who assaulted him.

The Deputy Commissioner's office statement further stated that appropriate legal action is being taken against the students who assaulted him.

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