Berlin, April 20: Indian Prime Minister Narendra Modi arrived here from Britain here on Friday on the third and last leg of his three-nation tour of Europe.
Modi will meet German Chancellor Angela Merkel in what will be the first meeting between the two leaders after the latter began her fourth term on March 14 this year.
Modi and Merkel are expected to exchange views on a number of bilateral, regional and global issues.
Earlier on Friday, Modi attended the concluding ceremony of this year's Commonwealth Heads of Government Meeting (CHOGM) and participated in the leaders' retreat, becoming the first Indian Prime Minister since 2009 to attend this biannual summit of the 53-nation grouping of former British colonies.
Prior to Britain, he visited Sweden where he attended the first ever India-Nordic Summit which also saw the participation of the leaders of Denmark, Finland, Iceland and Norway.
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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.
