With reference to ‘National Investment and Infrastructure Fund’, which of the following statements is/are correct? 1. It is an organ of NITI Aayog. 2. It has a corpus of Rs. 4, 00,000 crores at present. Select the correct answer using the code given below:

QUESTION

Medium

Economy

Prelims 2017

With reference to ‘National Investment and Infrastructure Fund’, which of the following statements is/are correct?

It is an organ of NITI Aayog.
It has a corpus of Rs. 4, 00,000 crores at present. Select the correct answer using the code given below:

Select an option to attempt

Explanation

Statement 1 is Incorrect: National Investment and Infrastructure Fund (NIIF) is India's first sovereign wealth fund that was set up by the Government of India in February 2015. The objective behind creating this fund was to maximise economic impact mainly through infrastructure investment in commercially viable projects, both Greenfield and Brownfield.

Statement 2 is Incorrect: In the Union Budget 2015-16, India's Finance Minister, Arun Jaitley announced the creation of the National Investment and Infrastructure Fund. It was proposed to be established as an Alternative Investment Fund to provide long-term capital for infrastructure projects with an inflow of Rs. 20,000 crore from the Government of India. NIIF was approved in August 2015 by the Department of Economic Affairs. The first meeting of its governing council was held in December 2015 further to which it was registered with SEBI as Category II Alternative Investment Fund.

Hence, option D is the correct answer.

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