Budget 1973-74: India's Black Budget
The term "Black Budget" in India refers to a specific budget presentation characterized by a significant fiscal deficit, causing widespread concern about the nation's economic health.
This label was given to the budget presented for the financial year 1973-74.
Reason for the "Black Budget" Label
The budget of 1973-74, presented by Finance Minister Y. B. Chavan, was termed the "Black Budget" primarily due to the unprecedented fiscal deficit it projected. This deficit resulted from several factors, including increased defense spending and the economic impact of the Bangladesh Liberation War.
- Year: 1973-74
- Key Feature: Massive fiscal deficit
- Significance: Caused economic anxiety, leading to the nickname "Black Budget"
This event highlighted a critical juncture in India's post-independence economic management.
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