Monday, November 26, 2012

Smt. Indira Gandhi is one of the tallest leaders of India.



Smt. Indira Gandhi is one of the tallest leaders of India. Notwithstanding certain unpopular actions such as declaring emergency,  she has been a seen as an able administrator and pro-poor. Her contributions to the growth and development of the country are numerous. Like Jawaharlal Nehru she had great faith in the public sector for the rapid development of the country. Her contributions towards ushering in green revolution and self-sufficiency in food   grain production are noteworthy. In fact the special agricultural innovation programmess and extra government support initiated in the 1960s finally transformed India's chronic food shortages into surplus production of wheat, rice, cotton and milk. That achievement, along with the diversification of its commercial crop production, has become known as the "Green Revolution". At the same time, the White Revolution was an expansion in milk production which helped to combat malnutrition, especially amidst young children. 'Food Security', as the program was called, was another source of support for Gandhi in the years leading up to 1975. In 1969, Prime Minister Smt. Indira Gandhi took the historic decision to nationalise 14 major banks with a view to promote economic development and widening access to banking facilities. Banks were given targets for lending in priority areas (like agriculture) and were directed to offer banking services to poorer members of Indian society who had been neglected by the private banks. Under the nationalization drive, the number of bank branches rose from 8,200 to over 62,000, most of which were opened in the unbanked, rural areas. The nationalization drive not only helped to increase household savings, but it also provided considerable investments in the informal sector, in small and medium-sized enterprises, and in agriculture, and contributed significantly to regional development and to the expansion of India’s industrial and agricultural base. In 1969, while she was addressing a meeting of the Student Congress leaders in Chennai this commentator put the following question to Madam Gandhi: “Dear madam will you tell why the banks were nationalised?” She quipped, “You said you are a PG student of Economics; you are a youth, wait and see, time will tell you why banks are nationalised.” Now I have realised that nationalization of banks has greatly contributed to the growth and stability of the country. Let us not forget this great  leader of India!
Dr.C.Murukadas, The Times of India, Nov.19, 2012.

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