INDIAN ECONOMY SINCE 1947 TO 2007

INDIAN ECONOMY SINCE 1947 TO 2007


1947
Finance Minister R.K. Shanmukham Chetty presented first budget to Parliament, John Mathai presented first railway budget.


1948
Industrial Finance Corporation of India (IFCI) set up to provide long term finance to industries.
RBI nationalised.


1949
Mahindra & Mahindra launches first locally assembled Willys Jeep.
Rupee devalued for first time by approximately 31%.


1950
Stock exchanges come under Central Government after the adoption of the Constitution.
Premier Automobiles (PAL) enters into collaboration with Fiat to launch Fiat 500.


1951
First 5 year plan set up with budgetary outlay of Rs. 2,378 crore.


1952
Atomic Energy establishment at Mumbai. In 1966 rechristened the Bhabha Atomic Research
Centre.


1953
Private Airlines nationalised.


1954
Telco produces commercial vehicles in collaboration with Daimler Benz.
Bhakra Dam inaugurated for Hydro power.
In December, Imperial Bank of India taken over by government and renamed State Bank of
India.


1955
ICICI set up with support of World Bank and other agencies.


1956
Industrial policy resolution in force.
Securities Contracts (Regulation) Act passed.


1957
Ambassador car launched by Hindustan Motors.


1958
Finance Minister T.T. Krishnamachari resigns following Justice Chagla’s report that he is
responsible for the Mundhra-LIC share scam.


1959
ONGC, IOC set up. TV transmission introduced.


1963
Gold Control Order comes into force.


1964
UTI and IDBI set up.


1965
Minimum annual bonus of 4% of salary becomes mandatory for companies.


1966
Dhirubhai Ambani sets up Reliance Industries.
Rupee devalued by 36%.


1969
Forward trading in shares banned. MRTP Act passed.


1970
Supreme Court holds nationalisation of banks illegal while Presidential Ordinance revalidates
it.


1972
Oil struck at Bombay High. Bonus ceiling raised to 8·33% of annual salary.


1973
FERA passed. SAIL set up by merging five PSU steel companies.


1974
Complete nationwide rail strike launched by George Fernandes.
Indira Gandhi imposes 12% ceiling on dividends. Stock market crashes.


1975
Communication satellite Aryabhatta launched.
Emergency declared. 20 point economic programme announced. COFEPOSA approved by
Parliament.


1977
Industry Minister George Fernandes ousts Coca Cola and IBM as they to reduce shareholding in Indian subsidiaries to 40%.


1978
Currency denominations of Rs. 1,000 and above demonetized.


1979
Ramesh Chauhan of Parle launches Thums Up.


1980
Bombay Stock Exchange shifts to Phiroze Jeejeebhoy Towers.


1981
Maruti Udyog set up.


1982
300,000 textile workers go on strike led by Datta Samant making it the largest union activity in the world.


1983
Takeover bid of DCM and Escorts by Swaraj Paul. Maruti 800 launched.


1984
HAL-assembled first MIG-27-M aircraft rolls out.
Union Carbide leaks MIC gas in Bhopal kills 2500 people.


1986
Shipping Credit and Investment Corporation of India (SCICI) set up.


1987
Birla group is divided into six family branches.
Bofors Howitzer gun scam rocks the country.


1988
SEBI set up.
Supreme Court orders payment of Rs. 715 crore to victims of Bhopal gas.
Kirti Ambani arrested on charges of trying to kill DCM chairman Nusli Wadia.


1991
Rs. 13,000 crore Sardar Sarovar project cleared by V.P. Singh.
25 tonnes of gold sent to London to raise $ 200 million to bail bankrupt nation.
Liberalisation of industrial licencing allowing foreign investment up to 51%.
MRTP and Companies Act amended to accommodate new industrial houses and expansion of existing ones.
Import curbs on capital goods relaxed.
Bill approved to bring PSUs under BIFR.


1992
OTCEI formed to list equities of small companies.
Iron and Steel prices decontrolled. India also decides to import one million tonnes of wheat
for the first time.
Government raises Suzuki stakes to 50 in Maruti. Maruti becomes first PSU to go private.
Harshad Mehta arrested in Rs. 10,000 crore Securities scam. Then SEBI Chairman M. N.
Goiporia forced to quit.
Foreign institutional investors allowed to enter stock market.


1993
Rupee became convertible on trade account.
Delicensing of motorcars and consumer goods.
Chauhans of Parle sell out to Coke. Coca Cola makes come back.


1994
NSE set up.
Air India, IA, ONGC converted to companies.
Telecome sector opened to private companies.
Cable TV ordinance issued. Sensex touches all time high of 4,630·54 points.
Deregulation of lending rates.


1995
NSE computerises trading operation. Replaces open system of trading with screen-based
trading.
Amendment of Patent Act of 1970 by Patent bill.
Open general licence list expanded from 43 to 75. Biscuit king Rajan Pillai dies at Tihar Jail.


1996
Disinvestment commission set up to facilitate disinvestment from PSU’s.


1997
Labour leader Datta Samant assassinated.
Then Finance Minister P. Chidambaram announces dream budget. Reduces taxes, import
tariffs, liberalises investment norms, opens up health insurance to private sector.
VSNL successfully completes $ 488 million GDR issue. Telco with a turnover of Rs. 10,096
crore becomes first private company to cross Rs. 10,000 crore in sales.
Birla-AT & T becomes first telecome services to achieve financial closing. Debt financing
worth $ 283 million announced.
Navratna package to empower nine hand-picked PSU’s (BHEL, Bharat Petroleum Ltd., IOC,
NTPC, HPCL, ONGC, IPCL, SAIL and VSNL) financially to become global giants announced.
2003 The Competition Act-2002 introduced in India from 14 Jan.,


2003
The Companies (Amendment) ordinance 2002 introduced from 5 Feb., 2003.


2004
The Broad Band Service started by BSNL and MTNL for Internet and Communication.


2007
Baba Kalyani—Businessman of the year, 2006 (By Business India)


2008
In changing scene in world’s billionaire club, billionaire Anil Ambani has emerged as the
biggest wealth creator, while famed American investor Warren Buffett has overtaken Software
King Bill Gates and Mexican Tycoon Carlos Slim to lead the list of World’s richest people
released by Forbes on March 6, 2008.