Financial Daily from THE HINDU group of publications
Friday, Nov 04, 2005
Financial Daily from THE HINDU group of publications Friday, Nov 04, 2005 |
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Policy Industry & Economy - Social Welfare Cabinet okays setting up of National Investment Fund — UTI MF keen on managing it Our Bureau
New Delhi , Nov. 3 UTI Mutual Fund would like to pitch for handling the proposed National Investment Fund, according to the newly appointed CEO, Mr U.K. Sinha. The setting up the fund, to be created through disinvestments proceeds, was cleared during the day by the Union Cabinet. The earnings from the fund would be invested in social sector projects and for "capital investment in select profitable and revivable PSEs." Mr Sinha said: "We are in the fray for handling the NIF. We will compete with other PSUs for the mandate." The Cabinet, while clearing the proposal for NIF, said: "Public sector mutual funds would be entrusted with the management of the corpus of the NIF. While 75 per cent of the annual income from the fund would be used to finance select social sector schemes, the rest would be used to meet the capital investment requirements of profitable and revivable PSEs." The social sector schemes to be funded through NIF would be in the areas of education, health, and employment. These include the National Rural Health Mission, Sarva Shiksha Abhiyan, Mid-day Meal Scheme, Drinking Water and Sanitation, Integrated Child Development Scheme, as well as select employment generation schemes. The Cabinet also approved the creation of the post of CEO for the fund and constitution of a three-member part-time advisory board, which would advise on the investment strategy. The CEO would be appointed through the Central Staffing Scheme and would be at the level of Additional Secretary or Joint Secretary, based on the opinion of the board. The board would be appointed by the Finance Minister, with the concurrence of the Prime Minister.
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