The creation of National Investment and Infrastructure Fund (NIIF) was announced in the Union Budget 2015-16.
Union Cabinet has recently approved the setting up of National Investment and Infrastructure Fund (NIIF).
The fund will make equity investments of Rs. 20,000 crore every year in commercially viable long gestation projects which will help to kick-start the economy.
The Centre will own 49 per cent of this new Mumbai-based fund, which won’t be answerable to Parliament nor audited by the CAG.
It will be run on a commercial basis by managers, who will be paid globally competitive salaries.
The NIIF is modelled on Singapore’s investment vehicle Temasek.