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From the reassuring certitude of the five-year plans to the electrifying promise and reality of the Goods and Service Tax Act, the 70 years of independent India’s history have been defined by events that reveal a young nation in search of an appropriate development model.
Mint looks at 70 such markers that have led to an ecosystem in which India can vie for global economic leadership.
1947: The Industrial Disputes Act, governing organized industrial labor, is passed.
1949: The Reserve Bank of India (RBI), previously a shareholders’ bank, is nationalized.
1950: The Planning Commission, a central planning body, is set up.
1951: First Five-Year Plan, based on the Harrod-Domar Model of economic growth and focusing on the primary sector, is presented.
1951: The first Indian Institute of Technology is set up in Kharagpur.
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