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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