Manmohan Singh to inaugurate National Waqf Development Corporation today

Prime Minister Manmohan Singh on Wednesday will inaugurate National Waqf Development Corporation Limited (NAWADCO), a new Central Public Sector Enterprise under the Ministry of Minority Affairs.

Congress President and UPA chairperson Sonia Gandhi will be the Chief Guest at the function.

The NAWADCO is being termed as an important institution for the development of Waqf properties and for the community welfare, particularly of Muslims in India. The establishment of NAWADCO is a follow up of Sachchar Committee recommendation.

India has the largest number of Waqf properties in the world. There are more than 4.9 lakh registered Auqaf (waqf properties) and the current annual income from these properties is about Rs.163 crores.

Sachar Committee has estimated that such properties, if properly developed, with a minimum return of 10%, would be capable of generating an income of Rs.12000 crore per annum.

NAWADCO will also facilitate and mobilize financial resources for the development of Waqf properties for community development purposes in a joint venture with the State / Union Territory Waqf Boards and the Mutawallis. The Waqf Boards and the Muthawallis were not having the financial resources to develop the properties leading to encroachments.

The Indian Government had recently enacted the Waqf (Amendment) Act, 2013 making administration of waqf properties transparent. The Act will also provide an enabling environment for development and utilization of waqf lands for welfare of minorities.