Question

what are the resons for prioritizing nationalization in the early days of independence and the recent emphasis on privatization ​


p/z tell answer fast

Answer 1

Answer:

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Explanation:

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Answer 2

Nationalisation is the process of transforming "private assets into public assets" by bringing them under the public ownership of a national government/state

Explanation:

• Following independence, India's Government had implemented the country's economic development strategy. In keeping with the national agenda, nationalization represented the socialist structure of society, that is, to facilitate social welfare  & agriculture programs.
• The reasons for nationalisation mentioned were to give more power of credit distribution to the government, controlling private monopolies, mobilisation of saving, expansion of banking to rural areas, priority sector Lending, & reducing regional imbalance to decrease the urban-rural divide
• In the early 1990s, a liberalization program was initiated by the then Govt, which approved a limited number of private banks. Moroever, with the looming banking crisis in current times, emphasis were given for privatisation of banks
• The improvement of public sector banking (PSBs) efficiency and performance is a key objective of economic reforms in many countries , including India. Private ownership is believed to contribute to efficiency and effectiveness.
• The privatisation move is in line with "minimum government" & "maximum governance" and proactive, people-centered, people-friendly & sustainable  & transparent  governance. In addition, privatization of a few PSBs will force them to remedy their strategy by means of market discipline, and this will have a "ripple effect" on other PSBs. Better financial performance is achieved by involving a strong financial institution as a major privatization shareholder.