Q. In the context of independent India's economy, which one of the following was the earliest event to take place?
Answer: Enactment of Banking Regulation Act
Notes: The Banking Regulation Act was enacted in 1949, making it the earliest event among the options listed. This Act established the framework for banking regulation in independent India and was passed shortly after independence in 1947. The First Five-Year Plan was introduced in 1951, following the Banking Regulation Act. The State Bank of India was nationalised in 1955, and insurance companies were nationalised in 1956. Therefore, chronologically, the Banking Regulation Act (1949) preceded all other events mentioned. This Act was crucial in establishing RBI's regulatory authority over banks and set the foundation for India's banking sector development during the early years of independence.