Fisheries and Aquaculture Infrastructure Development Fund (FAIDF)

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FAIDF:

  • To double farmers’ income by 2022 the Cabinet Committee on Economic Affairs (CCEA) has approved creation of FAIDF recently.
  • The proposal for creation of fund was made in budget 2018-19.

 

Salient features of the fund

  • The main aim is to boost fish production to achieve the target of producing 15 million tonnes of fish production by 2020 and 20 million tonnes by 2022-23 from current production of 11.4 million tonnes. The aim to achieve this target was set under Blue revolution.
  • The nodal agencies for the fund will be National Bank for Agriculture and Rural Development (NABARD), National Cooperatives Development Corporation (NCDC) and scheduled banks.
  • The fund being raised by nodal loaning entities (NLE).
  • The estimated fund size is about 7522 crore that will benefit country in both inland and marine fisheries areas.
  • The fund will involve in attracting private investment and technologies in creation and management of fisheries all around the count

State Disaster Response Fund

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  • Under Disaster Management Act 2005, a financial mechanism has been set up by way of National Disaster Response Fund (NDRF) at national level and State Disaster Response Fund (SDRF) at state level to meet rescue and relief expenditure during any notified disaster.
  • SDRF has been constituted in each State in which Centre, so far, had been contributing 75% for General Category States and 90% for Special Category States of hilly regions every year. Now, Central government will contribute 90% and all States will contribute 10% to the SDRF.
  • SDRF is resource available to States to meet expenses of relief operations of immediate nature, for range of specified disasters.
  • At any point, State Government has fair amount of funds available under SDRF.
  • In case of any natural calamity beyond coping capacity of State, additional financial assistance is provided by Central Government from NDRF as per norms in which 100% funding is by Central Government.

National Infrastructure and Investment Fund (NIIF)

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  • NIIF stands for National Infrastructure and Investment Fund
  • It is a fund created by the Government of India for enhancing infrastructure financing in the country.
  • Established in 2015.
  • It is registered as a category II alternative investment fund with the Securities and Exchange Board of India.
  • A sort of sovereign fund, for development of infrastructure projects, including the stalled ones.
  • It is Indias first sovereign wealth fund
  • It has been set up as fund of funds structure with aim to generate risk adjusted returns for its investors alongside promoting infrastructure development.
  • It aims to attract investments from both domestic and international sources for infrastructure development in commercially viable projects both Greenfield and Brownfield, including stalled projects.
  • It has proposed corpus of Rs. 40,000 crores (around $6 Billion).
  • Government’s contribution to NIIF is 49% of total commitment at any given point of time.
  • The remaining 51% will be raised from domestic and global investors, including international pension funds, sovereign wealth funds, multilateral/bilateral investors.
  • Its Governing Council is chaired by Finance Minister and has already been set up to act as an advisory council to the NIIF.

 

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National Disaster Response Fund

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  • National Disaster Response Fund is defined in Section 46 of the Disaster Management Act, 2005 (DM Act) as a fund managed by the Central Government for meeting the expenses for emergency response, relief and rehabilitation due to any threatening disaster situation or disaster.
  • NDRF is constituted to supplement the funds of the State Disaster Response Funds (SDRF) of the states to facilitate immediate relief in case of calamities of a severe nature.
  • The DM Act defines “disaster” to mean ‘a catastrophe, mishap, calamity or grave occurrence in any area, arising from natural or man-made causes, or by accident or negligence which results in substantial loss of life or human suffering or damage to, and destruction of, property, or damage to, or degradation of, environment, and is of such a nature or magnitude as to be beyond the coping capacity of the community of the affected area.’
  • The July 2015 guidelines states that natural calamities of cyclone, drought, earthquake, fire, flood, tsunami, hailstorm, landslide, avalanche, cloud burst, pest attack and cold wave and frost considered to be of severe nature by Government of India (GoI) and requiring expenditures by a state government in excess of the balances available in its own SDRF will qualify for immediate relief assistance from NDRF.
  • In the event of a disaster of ‘a severe nature’, in which the funds needed for relief operations exceeded the balances in the SDRF account, additional assistance would be provided from the NDRF after following prescribed procedures.
  • The financial assistance from SDRF/NDRF is for providing immediate relief and is not compensation for loss/damage to properties /crops.
  • In other words, NDRF amount can be spent only towards meeting the expenses for emergency response, relief and rehabilitation.
  • For projects exclusively for the purpose of mitigation, i.e, measures aimed at reducing the risk, impact or effect of a disaster or threatening disaster situation a separate fund called National Disaster Mitigation Fund has to be constituted.

 

Features of NDRF

  • The primary purpose of NDRF is to supplement the SDRF, in case there is a calamity of “severe nature” which requires assistance over and above the funds available under SDRF.
  • NDRF is located in the “Public Accounts” of Government of India under “Reserve Funds not bearing interest”

National Culture Fund (NCF)

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  • NCF was established as Trust under Charitable Endowment Act, 1890 as funding mechanism distinct from existing sources and patterns of funding for arts and culture in India.
  • It aims at inviting individuals as well as private institutions in the task of promoting, protecting and preserving India’s cultural heritage.
  • It is managed and administered by council headed by Union Culture Minister and decides the policies.
  • Its Executive Committee is headed by Secretary, Ministry of Culture which actualizes those policies.
  • All projects undertaken by NCF are completed within specified period in accordance with MoU signed by it with concerned donor organization.
  • Union Government had granted one-time corpus fund to NCF, apart from this, there is no fund allocated to it from government.
  • It receives contributions and voluntary donations as endowments from many other sources.
  • Donations and contributions to NCF are eligible for 100% tax deduction under Income Tax Act, 1961 subject to limits and conditions prescribed.

 

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