V V Giri Shaped Indian Economy and Politics Significantly

Rajasree Roy

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Varahagiri Venkata Giri, popularly known as V.V. Giri, was the only Independent candidate to have been elected to the post of President so far. V V Giri received Bharat Ratna for his contribution to Indian History. During his residency as President, Giri gave his consent to two progressive reports — the Shimla Agreement, a truce endorsed among India and Pakistan, and the bank nationalization Bill of 1969, which keeps on molding the Indian economy even following fifty years.

After the death of former President Zakir Hussain in May 1969, V V Giri assumed the role of acting President. He was the vice-president at that time. During his three-month spell, he declared the notorious bank nationalization statute sponsored by previous PM Indira Gandhi’s organization. The law nationalized the 14 biggest business banks in the country with stores worth Rs 50 crore. The move drew sharp criticism not only from the opposition but also from economists

The men behind the Bill were P.N. Haksar (then principal secretary to the PM), D.N. Ghosh (then deputy secretary, Banking Division, in the Finance Ministry),  and A. Baksi (then chairperson of Industrial Finance Corporation of India) — They were quick to catch up on this and drafted it in just two days. And just after that V V Giri went for the contest of choosing President as an Independent candidate. Giri re-entered the Rashtrapati Bhawan on 24 August 1969 and held office for a full term until 1974.

On 10 August 1894, Giri was born and brought up in a Telugu-talking family in Berhampur, Odisha. His dad V.V. Jogayapantulu, was a noticeable attorney, while mother Subhadramma effectively took an interest in the opportunity development. This empowered Giri to get acclimated with governmental issues at an exceptionally youthful age. His sister also came into politics. V V Giri made two assets for India which are still contemporary for Indian politics and economy.

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