The government has created a search cum selection committee to appoint the chief executive for National Investment and Infrastructure Fund (NIIF), a new agency that would channel investments worth Rs 20,000 crore ($3 billion).

Shaktikanta Das

The committee will be headed by Shaktikanta Das, secretary, department of economic affairs, ministry of finance, with four other members. The other members of the committee are financial services secretary Anjuly Chib Duggal, State Bank of India’s chairperson Arundhati Bhattacharya, National Institute of Public Finance and Policy’s (NIPFP) director Rathin Roy and economist Rajiv Kumar.

Envisaged as a new infrastructure financing vehicle in the country, creation of NIIF was announced by finance minister Arun Jaitley in his budget speech this year and was cleared by the cabinet in July.

The government had earlier announced that its share in the corpus shall not exceed 49 per cent and NIIF would attract investment from both domestic and international sources.

"The salaries of the investment team would be market linked. The salary of the chief executive officer of the company would be market linked and he would be expected to achieve ambitious performance goals with rigorous management output," the finance ministry said on Thursday.

The governing council of NIIF, which will be established as a trust, is said to have government representatives and experts in international finance, eminent economists and infrastructure professional, terms for which will be decided by the government.

Newswire PTI had earlier reported that the finance ministry will start roadshows to attract investors after the Bihar elections.

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