Nationalization Act of 1951

The Nationalization Act of 1951 was a law enacted by the Indian government to bring key industries, especially the banking sector, under government control. Its main goal was to ensure that vital sectors served the public interest and promoted economic development. By nationalizing important banks, the government aimed to extend financial services more evenly across the country and reduce private sector dominance. This move reflected a broader policy of state-led economic planning and social welfare, emphasizing public ownership of critical industries to support national growth and reduce inequalities.