Which one of the following statements is not correct?

Statement 3 is incorrect because the National Investment and Infrastructure Fund (NIIF) and the National Investment Fund (NIF) are distinct entities with different purposes. NIIF was announced in the Union Budget 2015-16 as a quasi-sovereign wealth fund to enhance infrastructure financing [4]. In contrast, the NIF was established earlier to receive disinvestment proceeds from Central Public Sector Enterprises, which are then used for social sector schemes and capital investment. Statements 1 and 2 are correct as NIIF was indeed announced in the 2015-16 budget to boost infrastructure [2]. Statement 4 is also correct because NIIF is structured to manage multiple sub-funds registered as Alternative Investment Funds (AIFs) with SEBI, including the Master Fund, Fund of Funds, and Strategic Opportunities Fund [2].

Sources

1. [1] Indian Economy, Nitin Singhania .(ed 2nd 2021-22) > Chapter 15: Infrastructure > National Investment and Infrastructure Fund > p. 441
2. [2] Indian Economy, Vivek Singh (7th ed. 2023-24) > Chapter 14: Infrastructure and Investment Models > National Investment and Infrastructure Fund (NIIF) > p. 439
3. [4] https://en.wikipedia.org/wiki/National_Investment_and_Infrastructure_Fund