At this time Indira Gandhi was the Prime Minister. The Indira Gandhi government nationalized 19 major Indian banks. In addition, the situation in East Pakistan (now independent Bangladesh) was becoming dire as the Indo-Pakistani War of 1971 and Bangladesh Liberation War took place.
Funds earmarked for the industrial development had to be used for the war effort. India also performed the Smiling Buddha underground nuclear test in 1974, partially in response to the United States deployment of the Seventh Fleet in the Bay of Bengal to warn India against attacking West Pakistan and widening the war.
Outlay: The total proposed outlay was Rs. 24,880 crore, which included Rs. 15,900 crores as public sector outlay and Rs. 8,980 crore as private sector outlay.
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