📌 Important Dates & Incidents – Unit 1

 

1. 1948 – Industrial Policy Resolution (IPR)
   ➝ First step towards shaping Indian industrial growth after Independence.

2. 1951 – First Five-Year Plan
   ➝ Priority on agriculture, irrigation, and energy.

3. 1956 – Industrial Policy Resolution (IPR)
   ➝ Introduced the concept of Public Sector dominance in core industries.

4. 1969 – Bank Nationalisation (14 major banks)
   ➝ Landmark step to channel credit towards development and weaker sections.

5. 1973 – MRTP Act (Monopolies & Restrictive Trade Practices Act)
   ➝ To control monopolies and ensure fair trade practices.

6. 1977 – New Industrial Policy
   ➝ Encouragement to small-scale industries and rural development.

7. 1980 – Shift towards Liberalisation
   ➝ Beginning of controlled liberalisation and encouragement of competition.

8. 1985 – Rajiv Gandhi’s Economic Reforms Initiatives
   ➝ Focus on modernisation, technology, and telecom.

9. 1991 – LPG Reforms (Liberalisation, Privatisation, Globalisation)
   ➝ Historic economic reform post Balance of Payments (BoP) crisis. Opened Indian economy globally.

10. 1992 – Establishment of SEBI as Statutory Body
    ➝ To regulate capital markets and protect investors.

11. 1995 – WTO Formation (World Trade Organization)
    ➝ India became a founding member, replacing GATT framework.

12. 2000 – IT Act
    ➝ Legal recognition of e-commerce and electronic transactions.

13. 2002 – Competition Act
    ➝ Replaced MRTP Act, aimed at promoting healthy competition.

14. 2013 – Companies Act, 2013
    ➝ Landmark corporate legislation focusing on governance and CSR.

15. 2016 – Insolvency & Bankruptcy Code (IBC)
    ➝ Simplified insolvency resolution process for businesses.

16. 2017 – GST Implementation (1st July 2017)
    ➝ Historic tax reform bringing “One Nation – One Tax.”