Question
Download Solution PDFIn which union budget was India's first sovereign wealth fund named 'National Investment and Infrastructure Fund (NIIF)' announced?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is 2015-16.
Key Points
- India's first sovereign wealth fund named 'National Investment and Infrastructure Fund (NIIF)' was announced in the union budget of 2015-16. The following are some of the key points that explain the answer:
- The aim of the National Investment and Infrastructure Fund (NIIF) is to attract investment from both domestic and international sources for infrastructure development in India.
- The fund is structured as a Category II Alternative Investment Fund (AIF) under the Securities and Exchange Board of India (SEBI) regulations.
- The initial authorized corpus of the fund was Rs. 20,000 crore, with the government contributing 49% and the rest to be raised from other investors.
- The fund has two main components: the NIIF Master Fund and the Strategic Investment Fund (SIF). The NIIF Master Fund is a fund of funds that invests in various infrastructure sectors, while the SIF makes direct equity investments in infrastructure projects.
- The NIIF has already made several investments in various sectors, including renewable energy, highways, and logistics.
Additional Information
- National Investment and Infrastructure Fund 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 maximize economic impact mainly through infrastructure investment in commercially viable projects.
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