Banks were nationlised in 1969 give reason
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Banks were asked to push funds towards sectors that the government wanted to target for growth. Indira Gandhi told the Lok Sabha on 29 July 1969 that the “purpose of nationalization is to promote rapid growth in agriculture, small industries and export, to encourage new entrepreneurs and to develop all backward areas
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The 1966 devaluation of the rupee was an ecfor political anger. The Congress party had already suffered electoral setbacks in the 1967 elections. It was headed for a split. The Naxalites were growing in strength. However, the devaluation had helped improve the balance of payments while the Green Revolution began to ease the food constraints.
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