Prime Minister Manmohan Singh today said Waqf assets have the potential of generating considerable returns which could be used for socio-economic development of the community.

Launching the National Waqf Development Corporation Ltd here, he said it will help facilitate and mobilise financial resources for starting schools, colleges and hospitals on Waqf properties in a transparent manner.

“Today we take another step forward in our efforts to promote the interests of minorities in our country,” the Prime Minister said.

“Waqf assets have the potential of generating considerable returns which could be used for socio-economic development of the community,” he said.

UPA chairperson Sonia Gandhi was also present at the inauguration of the Waqf development corporation, a new central public sector enterprise under the Minority Affairs Ministry.

The Corporation is one of the several initiatives that the Minority Affairs Ministry has taken since its inception in 2006. The Government recently enacted the Waqf (Amendment) Act, 2013.

Highlighting the minority card, Singh said, “UPA Government has been unwavering in its commitment for promotion and protection of minorities.”

The corporation is expected to play a crucial role in the development of Waqf properties for welfare of the community.

Singh also noted that the Government has implemented most of the recommendations of the Sachchar Committee. The establishment of the Waqf development corporation is a follow up of Sachchar Committee recommendation.

India has the largest number of Waqf properties in the world. There are more than 4.9 lakh registered Waqf properties in the country and the current annual income from these properties is about Rs 163 crore.

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