The government has constituted a six member Governing Council under the chairmanship of Finance Minister Arun Jaitley to oversee the activities of the National Investment and Infrastructure Fund (NIIF). The mandate of the Council is to approve guidelines for Investment of Trust property Corpus of NIIF and parameters for appointment and performance of investment managers and advisors. Earlier, the Union Cabinet had approved creation of twenty thousand crore rupees National Investment and Infrastructure Fund (NIIF) to attract investment from both domestic and international sources. The fund aims at maximising economic impact mainly through infrastructure development in commercially viable projects including stalled projects