It was the pivot of a political economy strategy of the 1970s—when economic growth barely outpaced population growth
The Indian financial sector underwent a tectonic shift 50 years ago this week, when the Indira Gandhi government nationalized the 14 biggest commercial lenders on 20 July 1969. The second volume of the official history of the Reserve Bank of India describes bank nationalization as the single-most important economic policy decision taken by any government after 1947. Central bank historians say that in terms of the impact, even the economic reforms of 1991 pale in comparison.
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