Prime Minister Manmohan Singh Wednesday said returns from Waqf assets across India could be used for the socio-economic development of the community.
Speaking at the launch of National Waqf Development Corporation Limited (NAWADCO) here, the prime minister said that the corporation will "facilitate and mobilize financial resources for starting schools, colleges, hospitals on Waqf properties in a transparent manner".
"Waqf assets have the potential of generating considerable returns which could be used for the socio-economic development of the community," he said.
NAWADCO is a new Central Public Sector Enterprise under Ministry of Minority Affairs and will work towards the development of the 4.9 lakh Waqf properties in India, the largest in the world.
"Today we take another step forward in our efforts to promote the interests of minorities in our country," said Singh.
Published 29 January 2014, 06:06 IST