Prime Minister Dr. Manmohan Singh will
inaugurate National Waqf Development
Corporation Limited (NAWADCO), a new Central Public Sector Enterprise under
Ministry of Minority Affairs. This Corporation will prove to be an important
institution for the development of Waqf properties for the community welfare
particularly for 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 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. Government of India has recently enacted the Waqf (Amendment) Act, 2013.This will
make administration of waqf properties transparent and will provide an enabling
environment for development and utilization of waqf lands for welfare of
minorities.