India nad adopted a mixed economy after
independence. Nationalisation of banks
was essential to cover the deficits if they
occurred
while implementing
different
schemes. Also the profits of these banks
would come into the government treasury
once they were nationalised. Along with
this, the policy of developing small
industries and pharmaceutical industries
had to be implemented. Lal Bahadur
Shastri undertook the experiment of the
Green Revolution in order to overcome
food shortages and drought. During the
tenure of Prime Minister Indira Gandhi,
“Congress Forum for Socialist Action', a
group in the Congress party inspired by
socialist ideas made
demand for
nationalisation of commercial banks. Even
the Communist Party supported this
demand.
1. Which Prime Minister nationalised 14 banks?
2. What was the purpose behind nationalisation of banks /
3. Who had demanded the nationalisation of Banks?
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SORRY IM NOT EXPERCT IN THAT
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Answer:
1) Indira Gandhi
2)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".
3)Indira Gandhi
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