Question

What reforms were introduced by Indira Gandhi?​

Answer 1

Indira Gandhi was the prime minister of India

Answer 2

Answer:

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Explanation:

Last year, both Sonia Gandhi and Pranab Mukherjee sang the virtues of bank nationalisation. They said it had helped India survive the slowdown. Many ridiculed these as political statements intended to glorify the author of bank nationaliation , Indira Gandhi.

Now comes a defence of bank nationalisation from chief economic adviser Kaushik Basu. Basu says that bank nationalisation led to a rise in savings and investment and helped push up India’s growth rate. I have myself long contended that bank nationalisation contributed to the acceleration in growth to 5.5-6 % in the eighties and provided the basis for improved bank performance in the nineties and thereafter.

That is not how today’s liberalisers perceive bank nationalisation. They perceive it as the apogee of India’s socialist past, an act that damaged the entire culture of lending and saddled us with a government-dominated banking sector. In short, the very antithesis of reforms . Wherein lies the truth? The question is worth addressing because the answer may give us a more nuanced understanding of what constitutes economic reform.

In 1969, Prime Minister Indira Gandhi announced the nationalisation of 14 banks. At the time, Mrs Gandhi faced a challenge from the old guard in the Congress . She also believed that the private owners of banks were in cahoots with the Swatantra Party. By nationalising banks and sacking Morarji Desai as finance minister, Mrs Gandhi felt she could upstage her opponents within and outside the Congress, bolster her slogan of garibi hatao and gain the votes of the nation’s poor. She succeeded admirably.

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