UPSC Prelims 2009·GS1·economy·planning

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

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Last updated 8 Jul 2026, 4:39 pm IST
  1. ANationalisation of Insurance companies
  2. BNationalisation of State Bank of India
  3. CEnactment of Banking Regulation ActCorrect
  4. DIntroduction of First Five-Year Plan

Explanation

To determine the earliest event, we must look at the specific years each took place:

  1. Enactment of Banking Regulation Act: This occurred in 1949. It was initially passed as the Banking Companies Act to regulate the banking sector in India.

  2. Nationalisation of State Bank of India: This took place in 1955. The Imperial Bank of India was transformed into the State Bank of India through the State Bank of India Act.

  3. Introduction of First Five-Year Plan: This was launched in 1951, focusing primarily on the development of the primary sector.

  4. Nationalisation of Insurance companies: Life insurance was nationalised in 1956 with the establishment of the Life Insurance Corporation of India. General insurance was nationalised later in 1972.

Comparing these dates, the Enactment of the Banking Regulation Act in 1949 is the earliest event among the given options.

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