Explanation:

- In 1963, the Government of India set up the Unit Trust of India (UTI) as the first mutual fund through an Act of Parliament. This marked the inception of mutual fund operations in India.

- 1979 was a period when significant economic reforms were being considered, but it's not related to the establishment of the first mutual fund.

- In 1982, further developments in the financial sector took place, but it was not when the first mutual fund was established.

- 1971 was a notable year for various economic activities in India, but it doesn't relate to the first mutual fund's inception.

Your answer is right.