With reference to the National Invest­ment Fund to which the disinvestment proceeds are routed, consider the following statements :1. The assets in the National Invest­ment Fund are managed by the Union Ministry of Finance.2. The National Investment Fund is to be maintained within the Consoli­dated Fund of India.3. Certain Asset Management Com­panies are appointed as fund managers.4. A certain proportion of annual income is used for financing select social sectors.Which of the statements given above is/are correct?

The correct answer is 3 and 4 only. National Invest­ment Fund (NIF):The NIF was constituted by the Government of India in November 2005.It was set for channelizing the proceeds from the disinvestment of CENTRAL Public Sector Enterprises are channelized into it.The corpus of NIF is of a permanent nature.The money with the NIF is permanent in nature and NIF is professionally managed to provide returns to the Government, without depleting its value.The NIF is professionally managed by some selected Public Sector Mutual Funds (like UTI Asset Management Company Ltd., SBI Funds Management Private Ltd.) and LIC Mutual Fund Asset Management Company Ltd., to provide sustainable returns to the Government, without depleting the corpus. Hence, statement 1 and 2 is Not correct.Selected Public Sector Mutual Funds, namely UTI Asset Management Company Ltd., SBI Funds Management Private Ltd., and LIC Mutual Fund Asset Management Company Ltd. were entrusted with the management of the NIF corpus. Hence, statement 3 is correct.The annual income of the NIF is divided into two parts:The three-fourth of the annual income of the NIF is used for financing selected social sector schemes that promote education, health, and employment. Hence, statement 4 is correct.The remaining one-fourth of the annual income of NIF is used to meet the capital investment requirements of profitable and revivable PSUs.​ Some more purposes where the NIF was to be utilized, including in 2013, were:​Subscribing to the shares being issued by the CPSE on a rights basis so as to ENSURE that 51% ownership of the Government in CPSEs is not diluted.Preferential ALLOTMENT of shares of the CPSE to promoters as per SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 so that Government shareholding does not go down below 51% in all cases where the CPSEs desire to raise fresh equity to meet their CAPEX program.Recapitalization of public sector banks and public sector insurance companies so as to strengthen them by further capital infusion towards achieving the Basel III norms.