The Union Budget for 1973-1974 is referred to as 'Black Budget' as India at the time had a deficit of Rs 550 crore. The former Finance Minister Yashwantrao B. Chavan presented the budget on Feb 1973, which provided Rs 56 crores for the nationalization of the general insurance companies, Indian Copper Corp and the coal mines.
However, the step was considered necessary to maintain an uninterrupted supply of coal in line with the growing demand in industries such as power, cement, and steel at the time. Various reports also suggested that the step was taken keeping in mind, the interest of mineworkers that would be served best in a government-run setup. Former Finance Minister, Yashwantrao B. Chavan also aimed at allowing the uninterrupted supply of coal in line with the growing demand for industries through this.
His decision as believed by many had an adverse effect on coal production in the long run as bundling of assets under a single government-owned entity and that meant there was no scope of competition from the market.
Due to the step, the nationalisation of coal mines had an adverse effect on the production and the assets were bundled up under a single government-owned entity with no scope of market competition. Reports suggest that there remained a little incentive for the deployment of efficient production techniques and the introduction of new technologies in the coal industry.
Meanwhile, back in 1994, the Budget was presented by former Finance Minister P. Chidambaram, and it was termed as 'Dream Budget' owing to the reforms which helped in broadening India's tax base.