The objective of India‘s development strategy has been to establish a socialistic pattern of society through economic growth with self-reliance, social justice and alleviation of poverty. These objectives were to be achieved within a democratic political framework using the mechanism of a mixed economy where both public and private sectors co-existed. In the 1960s, the era of Green revolution and industrialization, the planners and policy makers suggested the need for using a wide variety of instruments like state allocation of investment, licensing and other regulatory controls to steer Indian industrial development on a closed economy basis. This led to the establishment of the UTI or the Unit Trust of India through the Unit Trust of India Act, 1963 of the Parliament.
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