Republicgram

History of Agricultural law  Essential commodity act, 1955  Essential Commodity Act, 1955  is an old law inherited by British India like many other laws. There are many good and bad laws which are inherited by British India. This is one of the bad ones. This law was passed during World War 2. So Britishers could regulate and control how much, and which commodity will be stored by a grocer in India. Which helped Great Britain to ensure food supply to Europe when many parts of India were facing famines {especially Great Britain}. In 1955 ,   Indian farmers were trapped in a debt trap. Moneylenders and Zamindars used to give loans. Since majority of farmers couldn’t pay back loans, they were supposed to take new loans. To avoid this exploitation, The Government of India introduced APMC. Thus, it was mandatory for the farmers to sell their products at a Mandi. Traders were issued licences and could buy produce only from Mandi. Thus, a centralised system was created ...

Nationalization of Banks is one of the most significant reforms done under the Iron Lady of India, Indira Gandhi. Most people consider the nationalization of banks a failure that had no economic and social justification but was fed by the political motive of Mrs Gandhi. Let us understand nationalization with the help of a story. A bank that had a faulty Xerox machine to print its money replaced its Xerox machine with a shredding machine. Unfortunately due to incorrigible Indian administration, a bad idea once implemented is highly durable. No government including the current Modi government has not dared to reverse the decision.   History:- Events leading to nationalization of banks A) Economic Reason  1) In 1955, The Imperial Bank Of India was renamed as State Bank Of India. In 1951, there were more than 400 commercial banks who worked under the private sector. More than 360 banks failed between 1947 - 1955 at the rate of 40 banks per year. This damaged people'...