Updated By: LatestGKGS Desk
Union Finance Ministry Introduces Central Road and Infrastructure Fund: Highlights
Union Finance Ministry Introduces Central Road and Infrastructure Fund 'CRIF': Highlights
The Central Road and Infrastructure Fund (CRIF) has been taken away from the Ministry of Road Transport and Highways and has been brought under the domain of the Union Finance Ministry.
The Central Road and Infrastructure Fund (CRIF) will now be under the Department of Economic Affairs (DEA), Finance Ministry.
The Central Road and Infrastructure Fund (CRIF) was earlier known as the Central Road Fund. It was renamed after amending the Central Road Fund Act, 2000.
The main purpose of the amendment was to use proceeds of the road cess under CRIF to finance other infrastructure projects such as waterways, some portion of the railway infrastructure and even social infrastructure.
The Government of India had recently constituted a ministerial panel headed by the finance minister to decide on fund allocation for infrastructure projects from the CRIF.
This amendment has widened the use of road cess from CRF to a larger number of infrastructure areas and projects.
The four-member committee would approve recommendations made by the sub-committee headed by the Economic Affairs secretary on the list of infrastructure projects to be financed from the CIRF, according to a government notification.
Other members of the committee include the Ministers of Road Transport and Highways, Railways and Human Resource Development.
