UPSC CSE Prelims 2010
Which of the statements given above is/are correct?
Statement 3 is correct. The National Investment Fund (NIF), established in 2005, has its corpus managed by professional Asset Management Companies (AMCs). These include institutions such as UTI Asset Management Company, SBI Funds Management, and LIC Mutual Fund, which are appointed as fund managers.
Statement 4 is correct. A certain proportion of the annual income generated from the National Investment Fund is utilized for financing selected social sector schemes. These schemes primarily focus on areas such as health, education, and employment generation.
Statement 1 is incorrect. While the Union Ministry of Finance provides the policy framework and exercises overall oversight for the National Investment Fund, the assets within the fund are not directly managed by the Ministry itself. The management is entrusted to appointed Asset Management Companies.
Statement 2 is incorrect. The National Investment Fund is maintained within the Public Account of India, not the Consolidated Fund of India. Funds under the Public Account are not subject to parliamentary vote for withdrawals.