The UPA's worst legacy

Critics of Indira Gandhi's Leftist phase (1969-73) have a longish list of the legislation that she left behind as a problematic legacy. This includes restrictive and rigid labour laws and the nationalisation of major banks. The first has arguably come in the way of expanding employment in the organised manufacturing sector; the second has culminated today in a state-owned banking system that is near bankruptcy, since it has eaten up much of its capital.

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