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After becoming Prime Minister, Gandhi expressed the intention of nationalising the banks in a paper titled, "Stray thoughts on Bank Nationalisation" in order to alleviate poverty. [3] The paper received the overwhelming support of the public. [3] In 1969, Gandhi moved to nationalise fourteen major commercial banks.
The economic policy of the Indira Gandhi premiership was characterized by moderate tax increases on higher income Indians, bank nationalisation, and the green revolution. . Gandhi presided over three Five-Year Plans as Prime Minister, two of which succeeded in meeting the targeted grow
At the same time, it had emerged as a large employer, and a debate had ensued about the nationalization of the banking industry. [32] Indira Gandhi, the then Prime Minister of India, expressed the intention of the Government of India in the annual conference of the All India Congress Meeting in a paper entitled Stray thoughts on Bank ...
Union Of India, filed by R. C. Cooper, popularly known as the Bank Nationalization case, held that the Constitution guarantees the right to compensation, that is, the equivalent money of the property compulsorily acquired. The Court also held that a law which seeks to acquire or requisition property for public purposes must satisfy the ...
Prime Minister Indira Gandhi nationalised 54 banks in 1969, followed by six others in 1980, and made it mandatory for banks to provide 40% of their net credit to priority sectors like agriculture, small-scale industry, retail trade, small businesses, etc. to ensure that the banks fulfill their social and developmental goals. Since then, the ...
The Asian Development Bank reported that in 2022, 5.7% of the employed population in India was living below $1.90 purchasing power parity per day. [113] The World Bank's global poverty update in September 2023 indicated that India accounts for 40% of the increase in the global extreme poverty rate during the COVID-19 pandemic. [114]
In 1969, the Indira Gandhi-headed government nationalised 14 major commercial banks. Upon Indira Gandhi's return to power in 1980, a further six banks were nationalised. [17] The regulation of the economy and especially the financial sector was reinforced by the Government of India in the 1970s and 1980s. [22]
In July 1969, Indira Gandhi through the ordinance nationalised fourteen major private banks. [61] After being re-elected in 1971 on a campaign that endorsed nationalisation, Indira Gandhi went on to nationalise the coal, steel, copper, refining, cotton textiles and insurance industries.