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From late Manmohan Singh introducing new financial insurance policies in 1991 to P Chidambaram decreasing private to company tax in 1997, the nation is a witness to some key “budget eras”.
Late former Prime Minister Indira Gandhi (Image/PTI)
In the final 4 a long time, India has witnessed some landmark budgets. From late Manmohan Singh introducing new financial insurance policies in 1991 to P Chidambaram decreasing private to company tax in 1997, the nation is a witness to some key “budget eras”.
Introduced by late former PM Manmohan Singh, the brand new financial insurance policies (Liberalisation, Privatisation and Globalisation) put a demise to License Raj, exposing India’s financial system to the world. On the opposite hand, P Chidambaram’s presentation in 1997 was termed a “dream budget”, for the reduction it dropped at taxpayers and the introduction of daring reforms that additional paved the way in which for the nation’s financial development.
But have you learnt that the budget 1973-74 was labelled a “black budget”?
During the Indira Gandhi-led authorities, the budget was introduced by the then-Finance Minister Yashwantrao B Chavan (YB Chavan). It obtained its well-known nickname – black budget – as a result of huge fiscan deficit of Rs 550 crores at the moment.
What is a fiscal deficit?
A fiscal deficit may be understood by the distinction between the whole earnings and expenditure of a authorities. Higher the distinction, greater the problem the federal government will face and vice versa.
Why “black budget”?
The 1973-74 budget was termed “black budget” as a result of the Indo-Pak conflict of 1971 had taken a heavy toll on the nation’s assets. Given the post-war bills and rehabilitation process, India’s financial assets had taken a again seat.
As per a report by NDTV, the defence prices rose to a staggering Rs 1,600 crore. On prime of that, the 1972 drought, the worst in a long time, shattered the nation’s agriculture sector, leaving the agricultural India scuffling with meals shortage.
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