On 29 July 1969, Prime Minister Indira Gandhi delivered a speech in Lok Sabha on the nationalisation of 14 banks, saying the move was 'totally justified to ensure that hopes and aspirations of millions of our people are not sacrificed'.
On 25 July 1969 in Lok Sabha, Rajkot MP Minoo Masani listed the economic and political grounds on which his Swatantra Party opposed the Indira Gandhi government's Bill to nationalise private banks.
Over half a century since Indira Gandhi nationalised 14 public sector banks, move still evokes sharp divisions, with some criticising it as a failure and others hailing it as a landmark decision.
In episode 526 of ThePrint's Cut The Clutter, Editor-in-Chief Shekhar Gupta discusses the bank nationalisation move on its 51st anniversary, and looks at the political history around it.
Fifty years ago, on 19 July 1969, the Indira Gandhi government had nationalised 14 banks. Even today, PSUs control a substantial percentage of the deposits.
Indians see West Asia as one uninterrupted wash of Islam, but the reality is more complex. For the Druze, support from Israel—where they are a recognised minority—is now critical.
Mini deal will likely see no cut in 10% baseline tariff on Indian exports announced by Trump on 2 April, it is learnt, but additional 26% tariffs are set to be reduced.
India-Russia JV is also racing to deliver 7,000 more AK-203 assault rifles by 15 Aug. These are currently being made with 50% indigenisation and this will surge to 100% by 31 December.
Public, loud, upfront, filled with impropriety and high praise sometimes laced with insults. This is what we call Trumplomacy. But the larger objective is the same: American supremacy.
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