NIIF meaning in Business ?

National Investment and Infrastructure Fund (NIIF) is India’s first infrastructure specific investment fund or a sovereign wealth fund that was set up by the Government of India in February 2015. The objective behind creating this fund was to maximize economic impact mainly through infrastructure investment in commercially viable projects, both Greenfield and Brownfield.

In Union Budget 2015-16, India’s Finance Minister, Arun Jaitley announced the creation of National Investment and Infrastructure Fund. It was proposed to be established as an Alternative Investment Fund to provide long tenor capital for infrastructure projects with an inflow of Rs. 20,000 crore from the Government of India. NIIF was approved in August 2015 by the Department of Economic Affairs. First meeting of its governing council was held in December 2015 further to which it was registered with SEBI as Category II Alternative Investment Fund. In June 2016, Finance Ministry announced that they appointed Mr. Sujoy Bose as Chief Executive Office of National Investment and Infrastructure Fund (NIIF) who was then the director at Infrastructure and Natural Resources, International Finance Corporation (IFC).

As of September 2020, the NIIF manages funds of over US$4.4 billion. On 22 November 2020, the Union Cabinet has approved Rs. 6000 crore investment as a part of Atma Nirbar Bharat Abhiyan.