Nationalization of banks and industries from "summary" of A Brief History of Modern India by Rajiv Ahir
The concept of nationalization of banks and industries refers to the process by which the government takes control of certain key sectors of the economy. This typically involves transferring ownership and management of private banks and industries to the state. In the context of India, nationalization was carried out with the aim of promoting economic development, reducing inequality, and ensuring that key sectors of the economy were run in the public interest. The nationalization of banks in India took place in two phases. The first phase occurred in 1969 when fourteen major private banks were nationalized. This move was driven by the belief that the banking sector needed to b...
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