4.
There were varied historic developments on the home front too – starting with the launching of the five-year plans and the challenges stemming from one of history’s most ambitious and gigantic experiments in economic development; the after-effects of the two wars in the 1960s; the devaluation of the rupee in 1966; bank nationalization in 1969; the balance of the payments crisis of the early 1990s and the follow on path-breaking economic reforms that moved India into a new economic era.