Why natural removal fund was set up..
CLASS 11...
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The Government of India set up the National Renewal Fund for the following reason :
1. All loss making public sector enterprises were handed over to BIFR (Board of Industrial and Financial Reconstruction).
2. The BIFR decided to wind up some very sick units and rehabilitate some units where there was scope to convert them into healthy units .
3. There was a lot of opposition shown by the workers and employees of the sick units which were to be closed .
4. So , to rehabilitate and compensate the workers of very sick units and offer them voluntary retirement schemes , the National Renewal Fund was set up.
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