Jun 28th, 2015
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Agriculture is the mainstay of the Indian economy. Agriculture and allied sectors contribute nearly 15.7% of Gross Domestic Product (GDP), while about 60% of the population is dependent on agriculture for their livelihood.

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Article DetailsHistory, Performance of Indo-Pak Mutual Fund Industry BackBy: Adnan HussainThe Indian mutual fund industry started in 1963 with the formation of Unit Trust of India through the initiative of the India government and Reserve Bank of India. The history of mutual funds in India can be broadly divided into four distinct phases. The first phase started from 1963 to 1987 in which Unit Trust of India (UTI) was established in 1963 through a Parliamentary legislation. It was set up by the Reserve Bank of India (RBI) and functioned under the regulatory and administrative control of the Reserve Bank of India. In 1978 UTI was de-linked from the RBI and the Industrial Development Bank of India (IDBI) took over the regulatory and administrative control from RBI. The first scheme launched by UTI was Unit Scheme in 1964. At the end of 1988 UTI had Rs67 billion assets under management. It is just like the mutual fund industry in Pakistan which was introduced in 1962. National Investment Trust (NIT), launched in 1964, and Investment Corporation of Pakistan (ICP), a close-end fund launched in 1966 managing 26 funds were the two main heads traded in the market depicting government's monopoly in the mutual funds industry. Private Sectors Funds The Second Phase: 1987-1993 Private sector funds including non- UTI and public sector mutual funds set up by public sector banks, Life Insurance Corporation of India (LIC), and General Insurance Corporation of India (G

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