Economic History related to banking sector

This PPT is related to banking history of economics

1. Initial Years (1950s-1960s):
•The government, under Prime Minister Jawaharlal Nehru, implemented the Planning Commission and five-
year plans to guide economic development.
•Policies focused on establishing a mixed economy, with an emphasis on heavy industries and public sector
enterprises.
•The strategy aimed at reducing poverty, unemployment, and regional disparities through state-led
development.Green Revolution (1960s-1970s):
•The Green Revolution, driven by agricultural scientists like M.S. Swaminathan and Norman Borlaug,
introduced high-yielding varieties of crops, modern irrigation techniques, and chemical fertilizers.
•This period witnessed significant growth in agricultural output, ensuring food security and reducing
dependency on food imports.
•Improved agricultural productivity had positive ripple effects on rural incomes and overall economic growth.
Economic Liberalization (1991):
•In response to a balance of payments crisis in 1991, the government initiated economic reforms under the
guidance of then-Finance Minister Manmohan Singh.
•The reforms included dismantling of industrial licensing, trade liberalization, and opening up sectors like
telecommunications and insurance to private investment.
•Foreign Direct Investment (FDI) was encouraged, and exchange rate reforms were implemented.
•These measures led to a shift towards a more market-oriented economy, increasing India's integration into
the global economy.

2. Information Technology Boom (1990s-2000s):
•The IT boom in the 1990s, particularly in cities like Bengaluru and Hyderabad, positioned India as a global IT hub.
•Companies like Infosys, Wipro, and Tata Consultancy Services (TCS) gained prominence, contributing significantly
to export earnings.
•The rise of Business Process Outsourcing (BPO) further propelled economic growth, creating a new wave of
employment opportunities.
Sustained Growth (2000s-2010s):
•The sustained economic growth during this period was characterized by a demographic dividend, with a large
working-age population contributing to the workforce.
•Economic reforms continued, including financial sector reforms, tax reforms, and initiatives to improve ease of
doing business.
•Infrastructure development projects were undertaken, but challenges like bureaucratic red tape and regulatory
hurdles persisted.Recent Challenges (2010s-Present):
•In the latter part of the 2010s and into the 2020s, India faced challenges such as a slowdown in GDP growth,
stressed banking and financial sectors, and a decline in consumer demand.
•The COVID-19 pandemic in 2020 led to disruptions in economic activities, supply chains, and a contraction in GDP.
•The government responded with relief measures and announced economic stimulus packages to support
businesses and individuals.
Current Focus and Reforms:
•The current government, under Prime Minister Narendra Modi, has focused on economic reforms to address
structural issues.
•Initiatives like 'Make in India' aim to boost manufacturing and create jobs.
•The introduction of the Goods and Services Tax (GST) aimed at simplifying the tax structure and improving tax
compliance.
•The 'Aatmanirbhar Bharat' initiative emphasizes self-reliance and boosting domestic production in key sectors.