Finance minister Arun Jaitley announces setting up of NIIF [ Current News (Concise) ]
Arun Jaitley who is Finance minister of India had announced the setting up of the National Investment and Infrastructure Fund (NIIF) in the Union Budget 2015-16. The note is likely to be taken up by the Cabinet within a month’s time. The north block has now issued a draft Cabinet note on its formation.
- The initial capital could be approximately between Rs 5,000 crore and Rs 10,000 crore. The National Investment and Infrastructure Fund with an initial corpus of Rs.20, 000 crore which can be leveraged by infrastructure companies.
- The finance ministry is likely to seek the Parliament’s nod for supplementary funds once the Cabinet has given its nod. The government is also inviting foreign investors for their participation in the fund.
- FM Jaitley further proposed permitting tax-free infrastructure bonds for projects in the rail, road and irrigation sectors.
- Jaitley also proposed to increase outlays on roads and the gross budgetary support to the railways by Rs.14, 031 crore and Rs.10,050 crore, respectively.
- The minister also informed parliament that capital expenditure of the public sector units is expected to be Rs.317,889 crore in 2015-16, which is an increase of Rs.80,844 crore over 2014-15.
- Published/Last Modified on: June 1, 2015