An alphabet soup of the Indian economy pre-reforms, and after – Moneycontrol.com

Indian industry did not like all aspects of the economic reforms, particularly the reduction in import duties and the sudden opening up of the economy. The Bombay Club refers to a lobby of leading industrialists who wrote to the government demanding a level playing field for Indian companies. B is also for Bank Nationalisation. In 1969, an increasingly left-leaning Prime Minister Indira Gandhi nationalised 14 big commercial banks. The Reserve Bank of Indias history of the Indian economy calls it the single most important economic decision taken by any government since 1947. Yes, even more momentous than the reforms we are celebrating.

B also stands for Broad Banding. This has nothing to do with the internet age. It was a policy that allowed companies to switch production between similar product lines such as trucks and cars. Also check out BICP (Bureau of Industrial Costs and Pricing), and BIFR (Board for Industrial and Financial Reconstruction), which still exist in one form or another.

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An alphabet soup of the Indian economy pre-reforms, and after - Moneycontrol.com