(a) the details and salient features of the National Investment Fund (NIF);
(b) the present corpus of the fund;
(c) the purpose and manner in which the income from the NIF is utilised by the
Government; and
(d) the funds withdrawn and utilised from the said fund during each of the last
three years and the current year?
THE MINISTER OF STATE IN THE MINISTRY OF FINANCE (NAMO NARAIN MEENA)
(a) Government has constituted the National Investment Fund (NIF) in November, 2005
into which the proceeds from disinvestment of Central Public Sector Enterprises were to
be channelized. The corpus of the fund was to be of a permanent nature and the same was
to be professionally managed in order to provide sustainable returns to the Government,
without depleting the corpus.
(b) The present corpus in the Fund is to the tune of 1814.45 crore.
(c) As per the Scheme, 75% of the annual income of the NIF was to be used for financing
selected social sector schemes which promote education, health and employment. The residual
25% of the annual income of NIF was to be used to meet the capital investment requirements
of profitable and revivable PSUs. However, in view of the difficult economic situation
caused by the global slowdown of 2008-09 and a severe drought in 2009-10, Government granted
a one-time exemption on 5th November, 2009 to utilize the disinvestment proceeds directly
for selected Social Sector Schemes allocated by Department of Expenditure/ Planning Commission
which was further extended by another year up to March 2013. Government has further decided
that the disinvestment proceeds, with effect from the fiscal year 2013-14, will be channelized
into NIF and would be maintained as a ‘Public Account’. NIF funds would be utilized for
subscribing to shares being issued by Central Public Sector Enterprises (CPSE) including
Public Sector Banks and Public Sector Insurance Companies on rights basis and for
recapitalization of CPSEs, Public Sector Banks and Insurance Companies etc.
(d) The details of funds withdrawn and utilized from the NIF during each of the last three
years and the current year are as follows:
S. No. Name of the Scheme NIF Fund Used (` in crore) Actuals Actuals Revised Budget 2010-11 2011-12 2012-13 2013-14 1. Jawaharlal Nehru 1031.42 1533.72 2344.80 National Urban Renewal Mission (JNNURM) 2. Accelerated 1700.00 2442.76 3547.20 Irrigation Benefits Programme (AIBP) 3. Rajiv Gandhi 2000.00 2086.04 697.94 Gramin Vidyutikaran Yojana (RGGVY) 4. Accelerated Power 52.00 0 0 Development and Reform Programme 5. Indira Awas Yojana 7000.00 0 0 6. National Rural 10360.79 7831.53 17366.88 Employment Guarantee Scheme (NREGS) 7 Recapitalisation 14000.00 of Public Sector Banks 8. Capital expenditure 26000.00 of India Railways Total 22,144.21 13,894.05 23,956.82 40,000.00