NIIF - GS questions based on daily current affairs

1)   NIIF has signed a MoU with which Russian development institute?

a. RUSNANO
b. RUSANO
c. RUSSI
d. None of the above
Answer  Explanation 

ANSWER: RUSNANO

Explanation:

  • National Investment and Infrastructure Fund (NIIF) Ltd. has signed a Memorandum of Understanding (MoU) with RUSNANO OJSC of Russia.
  • Both NIIF and RUSNANO have agreed to set up the RUSSIA-INDIA HIGH TECHNOLOGY PRIVATE EQUITY FUND for joint implementation of investments into projects in India.
  • RUSNANO is a Russian development institute with interest to invest in projects in the field of high technologies and defense including the projects aimed at establishment of manufacturing industrial enterprises in India.
  • International pension funds and sovereign wealth funds from countries such as Russia, Singapore and the UAE have evinced interest in participating in India's Rs 40,000-crore National Investment and Infrastructure Fund (NIIF).
2)   Which of the following statements is/are correct about National Investment and Infrastructure Fund (NIIF)?

1. The authorized corpus of NIIF would be Rs. 20,000 crore.
2. Government's contribution/share in the corpus will be 49% in each entity set up as an Alternate Investment Fund (AIF).

a. Only 1
b. Only 2
c. Both
d. None
Answer  Explanation 

ANSWER: Both

Explanation:
- The government will invest Rs 20,000 crore into the NIIF from the Budget, with another Rs 20,000 crore expected to come from private investors. The government's share of the NIIF's corpus is envisaged to be under 50%.
- Government's contribution/share in the corpus will be 49% in each entity set up as an Alternate Investment Fund (AIF) and will neither be increased beyond, nor allowed to fall below 49%.
- The whole of 49% would be contributed by Government directly.
- Rest is open for contribution from others.
- Cash-rich Central Public Sector Enterprises (PSUs) could contribute to the Fund, which would be over and above the Government's 49%.
- Similarly, domestic pension and provident funds and National Small Savings Fund may also provide funds to the NIIF.
- NIIF may utilize the proceeds of monetized land and other assets of PSUs for infrastructure development.

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