3. What was the role of institutions like ICICI, IDBI, and IFCI in industrial development prior to the 1990s reforms

• IFCI was the first DFI established in India in 1948.
• ICICI Ltd. was set up in 1955, and IDBI in 1964.
• These institutions were established to cater to the demand for long-term finance.
• They supported the industrial sector.
• They were part of developing an appropriate financial architecture.
• This was to mobilize and direct resources to preferred sectors as per Five Year Plan priorities.