JOURNEY OF RUPEE VS DOLLAR SINCE 1947

RULING OF INDIA'S FAVOURITE PRINCE

Former Prime Minister Sri Atal Bihari Vajpayee, in his tribute to the first PM of Independent India, Sri Jawaharlal Nehru, said,"एक सपना चकनाचूर हो गया, एक गीत खामोश हो गया, एक लौ अनंत में विलीन हो गई। यह भय और भूख से मुक्त संसार का सपना था, यह एक महाकाव्य का गीत था जिसमें गीता की गूंज और गुलाब की सुगंध थी। यह उस दीपक की लौ थी जो रात भर जलती रही, हर अंधकार से लड़ती रही, हमें मार्ग दिखाती रही और एक सुबह निर्वाण प्राप्त कर लिया। भारत माता आज शोक में डूबी हैं - उन्होंने अपने प्रिय राजकुमार को खो दिया है। मानवता आज दुखी है - उसने अपने भक्त को खो दिया है। शांति आज बेचैन है - उसका रक्षक अब नहीं रहा। दलितों ने अपना आश्रय खो दिया है। आम आदमी की आंखों की रोशनी चली गई है।"

Vajpayee ji described Nehru ji as India's Favorite prince. Why?

It is not without reason. If you want to learn about them, then please go through the following humongous development activities during his regime as PM-

DEVELOPMENTS IN EDUCATIONAL SECTOR-

Central / National Institutes Established (1947–1964)

Indian Institutes of Technology (IITs)

These were created by the Government of India as premier engineering and technology institutes.

  1. IIT Kharagpur – Established in 1951 (first IIT) under the Institutes of Technology Act.

  2. IIT Bombay – Established in 1958.

  3. IIT Madras – Established in 1959.

  4. IIT Kanpur – Established in 1960 (operations began in 1959).

  5. IIT Delhi – Established in 1961.

Medical Education & Research

  1. All India Institute of Medical Sciences (AIIMS), New Delhi – Established in 1956 by an Act of Parliament as a central medical institute of excellence.

Management Education

  1. Indian Institute of Management Calcutta (IIM Calcutta) – Established in 1961 as India’s first management institute.

  2. Indian Institute of Management Ahmedabad (IIM Ahmedabad) – Established in 1961

Film & Media

  1. Film and Television Institute of India (FTII), Pune – Established 1960 as a government educational institute for cinema and television.

Design & Related Fields

  1. National Institute of Design (NID), Ahmedabad – Established 1961 as a government-initiated design school.

Other Government-Led Academic Entities

  • Jawaharlal Institute of Postgraduate Medical Education and Research (JIPMER), Puducherry – French-established before independence; taken over and renamed by India in 1964.

    STATE UNIVERSITIES ESTABLISHED BETWEEN 1947 AND 1964-

    • 1947: University of Rajasthan; Panjab University (re-established)

    • 1948: Gauhati University

    • 1950: Karnatak University

    • 1952: Bihar University

    • 1954: Sri Venkateswara University

    • 1955: Jadavpur University, Sardar Patel University

    • 1956: Kurukshetra University

    • 1957: Vikram University; Gorakhpur University

DEVELOPMENTS IN THE INDUSTRIAL SECTOR-

Major Industries Established

1. Iron and Steel Industry

Steel was considered the backbone of industrial development.

  • Bhilai Steel Plant

  • Rourkela Steel Plant

  • Durgapur Steel Plant

2. Heavy Engineering Industries

These industries supported power, transport, and manufacturing.

  • Bharat Heavy Electricals Limited (BHEL)

  • Hindustan Machine Tools (HMT)

3. Defence and Aircraft Industry

To strengthen national security.

  • Hindustan Aeronautics Limited (HAL)

4. Oil and Petroleum Industry

For energy security and industrial fuel.

  • Indian Oil Corporation (IOC)

  • Expansion of oil refineries

Importance of These Industries

  • Laid the foundation for modern industrial India

  • Strengthened the public sector

  • Encouraged balanced regional development

DEVELOPMENTS IN FINANCIAL SECTOR-

After Independence, the Government of India focused on creating a strong, regulated financial system to support planned economic development. During 1947–1964, several important reforms and institutions were introduced.

1. Nationalisation of the Reserve Bank of India (1949)

  • The Reserve Bank of India (RBI) was nationalised in 1949.

  • It became fully owned by the Government of India.

  • RBI was empowered to control currency issues, credit policy, and banking regulation.

2. Banking Regulation Act, 1949

  • This Act gave the RBI authority to:

    • Regulate commercial banks

    • Ensure the safety of deposits

    • Prevent bank failures

  • It improved public confidence in banks.

3. Expansion of Public Sector Banking

  • Although major bank nationalisation happened later (1969), during this period:

    • Government control over banking increased

    • Branches of banks expanded slowly

  • Focus remained on urban and industrial financing.

4. Establishment of Development Financial Institutions (DFIs)

To support industrial growth, long-term finance institutions were set up:

  • Industrial Finance Corporation of India (IFCI) – 1948

  • State Bank of India (SBI) – 1955

  • Industrial Credit and Investment Corporation of India (ICICI) – 1955

  • Life Insurance Corporation of India (LIC) – 1956 (nationalisation of life insurance)

5. Nationalisation of Life Insurance (1956)

  • All private life insurance companies were merged to form LIC.

  • Aimed to:

    • Protect policyholders

    • Mobilise savings

    • Invest funds in national development projects

6. Promotion of Savings and Investment

  • Government encouraged:

    • Postal savings

    • Provident funds

    • Small savings schemes

  • These helped mobilise funds for Five-Year Plans.

7. Credit Control and Planned Economy

  • RBI used:

    • Bank rate policy

    • Selective credit controls

  • Credit was directed towards priority sectors like industry and infrastructure.

DEVELOPMENTS IN IRRIGATION PROJECTS AND POWER SECTOR-

After Independence, the Government of India gave top priority to irrigation and power development to strengthen agriculture, support industries, and promote economic growth. This period is often called the era of “temples of modern India.”

A. Developments in Irrigation Projects

Major Irrigation Projects

Large multipurpose river-valley projects were started to control floods, provide irrigation, and generate electricity.

  • Bhakra–Nangal Project (River Sutlej)

  • Hirakud Project (River Mahanadi)

  • Damodar Valley Project (River Damodar)

  • Nagarjuna Sagar Project (River Krishna)

  • Tungabhadra Project (River Tungabhadra)

Achievements in Irrigation

  • Increased irrigated area, especially in Punjab, Haryana, Andhra Pradesh, and Odisha

  • Helped improve agricultural productivity

  • Reduced dependence on monsoon rains

  • Supported Green Revolution groundwork

B. Developments in Power Sector

Expansion of Power Generation

Both hydroelectric and thermal power projects were developed.

1. Hydroelectric Power

  • Power generated from major dams like:

    • Bhakra–Nangal

    • Hirakud

    • Damodar Valley

  • Provided clean and cheap electricity.

2. Thermal Power

  • Thermal plants set up near coalfields.

  • Supported growing industries and urban centres.

Institutional Developments

  • Establishment of State Electricity Boards (SEBs)

  • Central government coordination for power planning

  • Expansion of transmission and distribution networks

Importance of Power Sector Development

  • Supported industrialisation

  • Promoted rural electrification

  • Improved transport, communication, and urban life

  • Boosted overall economic development.

DEVELOPMENTS IN MEDICAL FIELD-

1. Expansion of Medical Education

  • Establishment of new medical colleges across states

  • Increase in the number of trained doctors and nurses

  • Expansion of institutions like AIIMS, New Delhi (1956)

  • Improvement in postgraduate medical education

2. Establishment of Major Medical Institutions

  • All India Institute of Medical Sciences (AIIMS) – 1956

  • Indian Council of Medical Research (ICMR) strengthened

  • Central Government Health Scheme (CGHS) – 1954

3. Expansion of Public Health Infrastructure

  • Establishment of Primary Health Centres (PHCs) in rural areas

  • Expansion of district hospitals and urban health services

  • Focus on preventive and curative healthcare

4. Disease Control Programmes

National programmes launched to control major diseases:

  • National Malaria Control Programme (1953)

  • National Tuberculosis Programme

  • Leprosy control measures

  • Smallpox vaccination campaigns

5. Improvement in Maternal and Child Health

  • Expansion of maternity and child welfare centres

  • Training of midwives and health workers

  • Reduction in infant and maternal mortality rates

6. Development of Pharmaceutical Industry

  • Growth of public sector drug manufacturing units

  • Increased production of essential medicines and vaccines

  • Reduced dependence on imported medicines

7. Sanitation and Nutrition Programmes

  • Emphasis on clean drinking water

  • Nutrition programmes to combat malnutrition

  • Health education and awareness campaigns

8. Achievements of the Period

  • Improvement in life expectancy

  • Decline in death rates

  • Better access to healthcare services, especially in urban areas

DEVELOPMENTS IN DEFENCE SECTOR-

1. Reorganisation of the Armed Forces

  • Integration of princely state forces into the Indian Army

  • Creation of a unified Indian Army, Navy, and Air Force

  • Indianisation of officer ranks replacing British officers

2. Establishment of Defence Production Units

  • Ordnance Factories expanded for arms and ammunition

  • Hindustan Aeronautics Limited (HAL) strengthened for aircraft manufacturing

  • Bharat Electronics Limited (BEL) established (1954)

  • Growth of defence public sector undertakings

3. Formation of Defence Research Institutions

  • Defence Research and Development Organisation (DRDO) established in 1958

  • Promoted indigenous research in weapons, electronics, and missiles

4. Modernisation of the Armed Forces

  • Introduction of modern weapons and equipment

  • Expansion of air power and naval capabilities

  • Improved training facilities and military academies

5. Establishment of Military Training Institutions

  • Expansion of National Defence Academy (NDA)

  • Strengthening of military schools and training centres

6. Border Security and Strategic Preparedness

  • Strengthening of border infrastructure

  • Lessons learnt from wars of 1947–48 and 1962

  • Increased focus on defence preparedness after 1962

7. Development of Defence Policy

  • Emphasis on non-alignment and defensive posture

  • Focus on self-reliance rather than military alliances

DEVELOPMENT OF FIVE YEAR PLANS-

Jawaharlal Nehru was the Prime Minister when India adopted planned economic development. Three Five Year Plans were launched during his tenure.

1. First Five Year Plan (1951–1956)

Main focus: Agriculture and irrigation

  • Priority to food production

  • Development of irrigation projects like Bhakra–Nangal

  • Control of inflation after Partition

  • Laid the foundation for economic planning

2. Second Five Year Plan (1956–1961)

Main focus: Industrialisation

  • Based on the Mahalanobis Model

  • Emphasis on heavy industries and public sector

  • Establishment of steel plants (Bhilai, Rourkela, Durgapur)

  • Expansion of machine tools, power, and basic industries

3. Third Five Year Plan (1961–1966)

Main focus: Self-reliant economy

  • Aim to make India self-sufficient in food grains

  • Expansion of agriculture and industry together

Apart from the above mentioned aspects, there are many other fields and horizons where India progressed positively during Nehru regime.After considering all the above facts does any body still have doubt , why Pandit Jawaharlal Nehru is regarded as the "ARCHITECT OF MODERN INDIA".