Union Budget 2023 What Is Black Budget And When And Why It Was Presented In India Budget History Interesting Facts
Union Budget 2023: Finance Minister Nirmala Sitharaman will present the general budget in Parliament today at 11 am. Discussions are going on for many days regarding this budget. Each section is pinning hopes of relief on its own. This will be the 75th general budget of independent India. In independent India, 74 general budgets, 14 interim budgets and four special budgets or mini budgets have been presented before 2023.
But the most surprising and shocking information about the budget is known to only a few people. Yes, the budget we are talking about black budget (Black Budget) is called. So far in independent India such an opportunity has come only once when a black budget has been presented. Now you must be wondering what is black budget. Here we will tell you in detail what is Black Budget. When was it introduced and what was the reason behind it.
What is Black Budget?
Black budget is called that in which the government has to cut the expenditure. For example, if the government’s income is Rs 500 and its expenditure is Rs 550, then the government will need to cut the budget. This cut budget is called black budget. So far in India, black budget was introduced in 1973 only. There was a big reason behind this too. In the year 1971, due to the India-Pakistan war, the economic situation had worsened due to increase in expenditure. Apart from this, it did not rain properly this year. Farming was affected by this. In these complicated circumstances, the income of the government was less and the expenditure was more. Because of this, Indira Gandhi’s government had to present a black budget. The then Finance Minister Yashwantrao B. Chavan presented the Black Budget.
What were the provisions in the black budget
In the Black Budget presented in 1973, the government had announced the nationalization of General Insurance Companies, Indian Copper Corporation and Coal Mines and a provision of Rs 56 crore was made for this. The government had shown a deficit of Rs 550 crore in the black budget.
These are also types of budget
Explain that apart from general budget, interim budget and black budget, there are some other types of budget. The most important is the general budget. This is usually offered in the country. It is introduced under Article 112 of the Constitution. Whereas, the interim budget is presented under Article 116. Interim budget is presented in the years of general elections. The last interim budget was presented in the year 2019. Now next year in 2024 also interim budget will be presented. In the interim budget, the government does not take any policy decision nor does it impose any new tax. These two types of budget are the most popular. We told you in detail about the black budget above. Apart from these, there is also performance budgeting and zero based budgeting.
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