Discussion
The ICICI has been established to achieve the objectives
Answer: C
Correct answer: Both (a) and (b)
ICICI was set up in 1955 with both purposes, and they were complementary. Assisting the formation, expansion and modernisation of private-sector industrial units was the direct lending objective.
Stimulating the participation of private capital, Indian and foreign, was the catalytic one: ICICI was promoted with World Bank involvement precisely so that private and foreign capital would follow it into Indian industry. Its underwriting and equity participation served that second aim rather than the first. This private-sector and foreign-capital orientation is what distinguished ICICI from IFCI and IDBI at the time.
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