The government has announced a grand plan to provide a loan facility to about 10 lakh people from the minority communities in the next five years, at a cost of Rs 5,000 crore to the exchequer.
The Centre also plans to invest money in the private sector to raise capital for creating better educational facilities for the minority communities. For this, the authorised share capital of the National Minorities Development Financial Corporation (NMDFC) will be increased.
In two cabinet notes, the government has also proposed to create an umbrella organisation — the National Minorities Development Corporation — which will include the NMDFC and two new bodies, the National Wakf Development Agency and Minorities Partnership.
While the NWDA will work for better utilisation of Wakf properties, the Minorities Partnership will invest in major subsidiaries to create capital for funding various projects for the minorities.