In the context of independent India`s economy, which one of the following was the earliest event to take place ?

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Submitted by examrobotsa on

Q: 134 (IAS/2009)
In the context of independent India's economy, which one of the following was the earliest event to take place ?

question_subject: 

Economics

question_exam: 

IAS

stats: 

0,90,96,15,28,90,53

keywords: 

{'independent india': [4, 0, 1, 1], 'earliest event': [0, 0, 1, 0], 'banking regulation act': [0, 0, 0, 1], 'india': [8, 1, 7, 13], 'nationalisation': [1, 0, 1, 0], 'introduction': [4, 0, 7, 7], 'year plan': [0, 0, 1, 8], 'insurance companies': [0, 0, 1, 0], 'economy': [1, 3, 8, 35], 'state bank': [0, 0, 3, 6]}

This question focuses on the events in the chronological sequence of the Indian economy after its independence.

Option 1 refers to the nationalisation of insurance companies. This event happened in 1956 when the government took over private insurance companies to safeguard the public`s economic interests.

Option 2 mentions the nationalisation of the State Bank of India. This occurred in 1955, when the then Imperial Bank of India was taken over by the government and renamed as the State Bank of India.

Option 3 talks about the Enactment of the Banking Regulation Act. This was enacted earlier than the other events mentioned, specifically in 1949. This act conferred certain powers to the Reserve Bank of India to regulate other banks in India.

Option 4 refers to the introduction of the First Five-Year Plan, which took place in 1951. It is a plan under which the government sets the economic development objectives for a five-year period.

Based on the above information, option 3 is correct because the Enactment of the Banking Regulation Act took place before the other events.