New Delhi: In a first-of-its-kind move, the Union Budget will be presented on a Sunday this year. Lok Sabha Speaker Om Birla has confirmed that Budget 2026 will be tabled on February 1, with Finance Minister Nirmala Sitharaman presenting it for the eighth time in Parliament. Over the past four decades, India has seen several landmark Budgets that shaped the country’s economic journey from Manmohan Singh’s 1991 Budget that ended the Licence Raj and opened India to global markets, to P Chidambaram’s 1997 “Dream Budget” that brought major tax relief to citizens.
Not all Union Budgets have been remembered for positive reasons. The 1973–74 Budget, introduced during Indira Gandhi’s tenure and presented by then Finance Minister Yashwantrao B. Chavan, went down in history as the “Black Budget.” It earned this grim label because of a massive fiscal deficit of Rs 550 crore, an unprecedented figure at the time that highlighted the severe economic stress the country was facing.
The fiscal deficit, which is the gap between the government’s income and expenditure is a key indicator of economic health. A higher deficit signals financial strain, and the Rs 550 crore shortfall raised serious concerns about the government’s finances, making it one of the most challenging Budgets in India’s economic history.
The “Black Budget” did not come overnight. It was the result of mounting economic pressures over the years. The 1971 India-Pakistan war severely strained the country’s finances, and the massive cost of rehabilitating more than 10 million refugees further burdened the exchequer. Defence spending alone shot up to an alarming Rs 1,600 crore. Adding to the crisis, the devastating 1972 drought, the worst in decades crippled agriculture, triggered food shortages in rural areas, and worsened conditions in cities, where power cuts and rising unemployment became widespread.
Despite its challenges, the 1973 Union Budget also introduced several major policy measures. The Indira Gandhi government set up a Rs 56 crore fund to nationalise coal mines, insurance companies and the Indian Copper Corporation, aiming to strengthen state control over key sectors. The move to nationalise coal mines was driven by the growing demand for coal, especially to support the expanding power sector.
In addition, the government allocated Rs 220 crore for drought relief to support millions affected by crop failures across the country. To address food shortages, Rs 160 crore was spent on importing 2 million tonnes of foodgrains, highlighting the government’s efforts to manage the economic and humanitarian crisis at the time.
In the period leading up to the Emergency in 1975, the so-called Black Budget included several important announcements. The Indira Gandhi government introduced a Rs 56 crore fund to nationalise coal mines, insurance companies and the Indian Copper Corporation. According to the government, nationalising coal mines was seen as a necessary step to meet the rising demand for coal, especially from the rapidly growing power sector.
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