Behind the smokescreen of nationalisation

Bank nationalisation was annulled by the Supreme Court (10-1) echoing many voices of dissent on economic grounds

At the height of the great financial crisis in January 2009, an ensemble of edgy business captains at the World Economic Forum in Davos told Christine Lagarde that one of the persisting problems since ages was that the political class had little understanding of business. Lagarde, then French finance minister, told them that it was the other way round: “You do not understand politics!”

The nationalisation of banks completed the 53rd year on July 19. The success, or otherwise, of the deft move would also be a mirror of the ascent of the Indian economy in terms of rapid financial