Manmohan Singh, the Prime Minister of India on 29 January 2014 inaugurated National Waqf Development Corporation Limited (NAWADCO) that is a new Central Public Sector Enterprise in New Delhi. It will be remain under the Ministry of Minority Affairs. National Waqf Development Corporation (NAWADCO) has been established with an authorized share capital of Rs.500 Crore.
An official release said that the Waqf Corporation is an important institution that will work for development of Waqf properties for the community welfare. It will also facilitate and mobilize financial resources for the development of Waqf properties for community development purposes in a joint venture with the state and Union Territory Waqf Boards and the Mutawallis.
The corporation has been establishment as a follow-up of the recommendation of Sachar Committee. In India more than 4.9 lakh registered Waqf properties are present and it fetches about 163 crore rupees annually. The recommendation of Sachar Committee says that if the properties of Waqf board are developed properly than it will bring an annual income of about 12000 crore.
NAWADCO has been established with an authorized share capital of 500 crore rupees with an aim of facilitating and mobilizing the financial resources.
About Sachar Committee
The Government of India constituted a Prime Minister's High Level, Justice Sachar Committee for preparation of a Report on the Social, Economic and Educational Status of Muslim Community of India. The Committee has submitted its report and this report is under implementation. The Sachar Committee Report is under implementation and in its findings it has established that Muslims in India are most backward community despite of their rich cultural heritage. The committee was chaired by Justice Rajindar Sachar and was constitution following the notification issued by the PMO on 9 March 2005.
Apart from the Sachar Committee, the Government also constituted Justice Ranganath Mishra Commission for identifying criteria for socially and economically backward classes among the religious and linguistic minorities, and to suggest various welfare measures for Minorities including Reservation. The Government has tabled the Justice Ranganath Mishra Report in the Parliament and considering various aspects for implementation of the Report.
Where: New Delhi
When: 29 January 2014