• Short Summary

    THE INDIAN GOVERNMENT TODAY (19 JULY) ANNOUNCED PLANS TO NATIONALISE 14 MAJOR COMMERCIAL BANKS. THE?

  • Description

    THE INDIAN GOVERNMENT TODAY (19 JULY) ANNOUNCED PLANS TO NATIONALISE 14 MAJOR COMMERCIAL BANKS. THE MOVE IS PART OF AN ECONOMIC REFORM PROGRAMME THAT CAUSED THE RESIGNATION OF RIGHT-WING DEPUTY PREMIER MORARJI DESAI AND PLUNGED THE COUNTRY INTO POLITICAL CRISIS.

    HE LEFT THE GOVERNMENT ON WEDNESDAY AFTER MRS GANDHI TOOK OVER HIS FINANCE PORTFOLIO. HIS DISMISSAL FOLLOWED A WEEK OF OPEN CONFLICT BETWEEN MRS GANDHI AND RIGHT-WING LEADERS OF THE PARTY AND RESULTED IN THE CLOSING OF STOCK EXCHANGES ALL OVER INDIA.

    MRS GANDHI SAID SHE HAD RELIEVED THE FINANCE MINISTER BECAUSE SHE FELT THAT THE PARTY CONFERENCE AT BANGALORE HAD PLACED THE RESPONSIBILITY OF IMPLEMENTING CERTAIN ECONOMIC POLICIES SQUARELY ON HER.

    SHE TOLD THE CONFERENCE LAST WEEK THAT SHE FELT THAT THE AMOUNT OF BANK FUNDS LEGALLY REQUIRED TO BE KEPT IN GOVERNMENT SECURITIES SHOULD BE INCREASED FROM FIVE TO THIRTY PER CENT.

    MR DESAI REJECTED MRS GANDHI'S REQUEST THAT HE RECONSIDER HIS RESIGNATION SAYING HIS DISMISSAL AS FINANCE MINISTER WAS A MATTER OF SELF-RESPECT. A REPORT ON THE DISPUTE WAS SENT TO CONGRESS PARTY PRESIDENT MR NIJALINGAPPA WHO YESTERDAY DELIVERED A VIRTUAL ULTIMATUM TO MRS GANDHI TO REINSTATE HER FINANCE MINISTER OR RISK BEING OUTSTED BY HER OWN PARTY.

    THE NEXT ROUND IN THE BATTLE IS LIKELY TO COME AT MONDAY'S OPENING SESSION OF PARLIAMENT WHEN RIGHT-WING MEMBERS MAY MOVE A MOTION OF NO CONFIDENCE IN HER. IT WOULD NEED A TWO-THIRDS MAJORITY OF THE 431-SEAT HOUSE.

  • Tags

  • Data

    Film ID:
    VLVACMEILQSD6B3ETGFJU4OAI1ASP
    Media URN:
    VLVACMEILQSD6B3ETGFJU4OAI1ASP
    Group:
    Reuters - Incuding Visnews
    Archive:
    Reuters
    Issue Date:
    19/07/1969
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:22:00
    Time in/Out:
    /
    Canister:
    N/A

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