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India's economy was almost equal to the size of Europe.
"There is no doubt that our grievances against the British Empire had a sound basis. As the painstaking statistical work of the Cambridge historian Angus Maddison has shown, India's share of world income collapsed from 22.6 percent in 1700, almost equal to Europe's share of 23.3 percent at that time, to as low as 3.8 percent in 1952." - Manmohan Singh, former Prime Minister of India
source- https://www.thehindu.com/2005/07/10/stories/2005071002301000.htm -
Organization of the Bombay Stock Exchange
An informal group of 22 stockbrokers began trading under a banyan tree opposite the Town Hall of Bombay from the mid-1850s, each investing an amount of Rupee 1. In 1860, the exchange flourished with 60 brokers. The informal group of stockbrokers organized
themselves as The Native Share and Stockbrokers Association which, in 1875, was formally organized as the Bombay Stock Exchange (BSE). http://shodhganga.inflibnet.ac.in/bitstream/10603/144397/6/06_history%20of%20stocks.pdf -
Indo-Pakistan war of 1947
This was the first war with Pakistan after independence and was fought over the control of Jammu and Kashmir. The was inconclusive and the conflict remains between the countries until this day. -
Indepence from the United Kingdom
India and Pakistan win independence from Great Britain (https://www.history.com/this-day-in-history/india-and-pakistan-win-independence) -
Nationalization of the Country's Central Bank - RBI
Reserve Bank of India (RBI) was previously a shareholder's bank and was founded in 1935 in response to the economic crisis following World War 1. The first decade after independence focussed on a centrally planned economic policy focussing on the agricultural sector. -
First Five-Year Plan, based on the Harrod-Domar Model of economic growth and focusing on the primary sector, is presented.
The focus of this plan was to address the economic disequilibrium after the second world war, further develop the agricultural sector and control inflation. Self-sufficiency was a key element.
source - https://www.toppr.com/guides/business-economics-cs/overview-of-indian-economy/five-year-plans-of-india/ -
Indian economy's share in the world falls to 3.2%
After the economic devastation from the colonial era, India's share in the global economy fell significantly compared to pre colonial years. -
Nationalization of Air India
The national airline is still owned by the government and has been going through financial trouble for decades now. -
Government recognition of the BSE
the Government of India recognized the Bombay Stock Exchange as the first stock exchange in the country under the Securities Contracts (Regulation) Act. -
Dowry Prohibition Act passed
Dowry refers to the act of giving money or other expensive gifts to the husband and his family by the bride and her family, as a condition for marriage. Women, especially in rural parts, are harassed if the dowry payment is not made or is considered insufficient. Though it is outlawed, the practice is still widely followed. -
Indo-Pakistan war of 1965
This war was in retaliation to Pakistan's operations to infiltrate Jammu and Kashmir. it resulted in significant casualties and eventually, a UN-mandated ceasefire. Both sides claim victory. There were no territorial changes as a result of the war. -
GDP growth rate was -2.6%
As a result of a major drought and significant reliance on the agricultural sector, India's GDP dropped in 1965. There was a significant amount of food aid from the US which helped India survive this.
source- https://www.cato.org/publications/policy-analysis/twenty-five-years-indian-economic-reform -
Medical Termination of Pregnancy Act Passed
Provided parameters for the provision of abortion services under a broad range of circumstances. -
Indo-Pakistan war of 1971
First war with Pakistan that did not involve Kashmir. It was due to the conflict between erstwhile East Pakistan and West Pakistan (now Bangladesh) and helped in the creation of Independent Bangladesh. -
Bonded Labor abolished through legislation
Slavery in India after independence was mainly due to the exploitation by the lenders of poor labor that could not repay debt. Despite the legislation, it is reported that slavery in this form is still an issue in India today.
source - https://www.du.edu/korbel/hrhw/researchdigest/slavery/india.pdf -
GDP growth rate was -5.2%
This was due to various factors, the most notable one being a severe drought. Growth went back up in 1980. -
Economic Liberalization
This was initiated by Indian prime minister P. V. Narasimha Rao and his finance minister Manmohan Singh (who later became prime minister of India). The policies made the economy market-based and had a focus on the service sector. It opened the door for foreign investment and made private investment more feasible. Much of the changes were due to a condition imposed by the World Bank and International Monetary Fund after granting a USD 500 Million bailout package to the Indian government. -
GDP growth rate was 5.5%
This is very high compared to the 1.1% growth in 1991, and was seen immediately after the opening of the economy was announced. -
Pre-Conception and Pre-Natal Diagnostic Techniques Act (PCPNDT)
Female foeticide has been and continues to be a significant social issue in India. Most families prefer male children due to the perception that the son will care for the parents and provide for them when they are older. This was skewing the country's male-female sex ratio. The government passed legislation to make sex determination during pregnancy a crime. -
National Stock Exchange created and started trading
A fully electronic market place created by the government after the Harshad Mehta scandal (when a BSE member by that name conducted various financial crimes). Within less than a year, NSE
turnover exceeded the BSE. http://shodhganga.inflibnet.ac.in/bitstream/10603/144397/6/06_history%20of%20stocks.pdf -
Indo-Pakistan war of 1999 (Kargil War)
This was due to the infiltration by Pakistan in the Kargil district of Jammu and Kashmir. India had a decisive victory and was able to regain control of the Kargil district. -
India was a signatory to the Millennium Development Goals
"India has witnessed significant progress towards the MDGs, with some targets having been met ahead of the 2015 deadline, however, progress has been inconsistent." - from UNDP Website
source - https://www.in.undp.org/content/india/en/home/post-2015/mdgoverview.html -
Launch of Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS)
India's largest-ever rural employment program. This program provides at least 100 days of paid work to every adult in rural areas who volunteers to do unskilled manual labor. -
Section 377 that criminalized homosexual acts repealed by Delhi High Court
India inherited colonial law that criminalized consensual same-sex relations and was used widely to harass and discriminate against LGBT citizens. The Delhi high court ruled that section 377 was unconstitutional. The judgment was immediately appealed by opposition groups. -
Supreme Court reinstates section 377
The opposition groups won the appeal when the supreme court overruled the Delhi High Court judgment, reinstating section 377. Their rationale was that the Delhi High court overstepped and that the parliament should decide if they want to keep or scrap section 377. -
WHO declared India a polio free nation
India has not had a case single case of wild polio-virus since 2011. This was the result of many years of work and a nationwide immunization campaign. -
Indian Banknote Demonetization
The government of India announced the demonetization of existing 500 and 1000 banknotes and the issuance of new 500 and 2000 banknotes. The action was intended to crack down on black money and underground markets, along with encouraging the use of banking systems and tax compliance. -
Section 377 declared unconstitutional by Supreme Court
Naz Foundation, the primary NGO that has been at the forefront of LGBT rights in India, filed a petition with the supreme court to review their judgment. In 2018, the supreme court reversed its 2013 judgment and settled the issue once and for all. A long awaited relief for the LGBT community and their loved ones.
