Major Milestones That Shaped Indian Economy Post Independence

Bank Nationalisation

Indira Gandhi, the then Prime Minister of India, expressed the intention of the Government of India in the annual conference of the All India Congress Meeting in a paper entitled "Stray thoughts on Bank Nationalization.

Following this the Government of India issued an ordinance ('Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1969')) and nationalized the 14 largest commercial banks with effect from the midnight of 19 July 1969.

The total deposits in the banks nationalized in 1969 amounted to 50 crores. This move increased the presence of nationalized banks in India, with 84 percent of the total branches coming under government control.

Mahatma Gandhi National Rural Employment Guarantee

The MGNREGA was launched with an aim to increase the purchasing power of the rural people.

The Mahatma Gandhi National Rural Employment Guarantee Act is an Indian job guarantee scheme, enacted by legislation on 25 August 2005. According to the Act, the legal authority of India assures at least 100 days of employment in every financial year to adult members of any household. Those willing to work will be getting wage of 120 (US$2.10) per day in 2009 prices. If they fail to do so the government has to pay the salary at their homes.

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