In the context of independent India’s economy, which one of the following was the earliest event to take place?
- Nationalisation of Insurance companies
- Nationalisation of State Bank of India
- Enactment of Banking Regulation Act
- Introduction of First Five-Year Plan
Explanation
Option (c) is correct
- The Banking Regulation Act was enacted in 1949, soon after independence. The First Five-Year Plan started in 1951, the State Bank of India was nationalised in 1955, and insurance companies were nationalised much later in 1956 (life) and 1972 (general). Hence, the Banking Regulation Act is the earliest event.
