Which one of the following is the objective of National Renewal Fund?
- ATo safeguard the interests of workers who may be affected by technological upgradation of industry or closure of sick unitsCorrect
- BITO develop the core sector of the economy
- CFor the development of infrastructure such as energy, transport, communications and irrigation
- DFor human resource development such as full literacy, employment, population control, housing and drinking water
Explanation
The National Renewal Fund was established by the Government of India in 1992 as a safety net for workers during the period of economic liberalization. Its primary objective was to provide compensation, retraining, and redeployment for employees affected by the modernization of technology or the closure of loss making public sector units. This ensured that industrial restructuring did not lead to undue hardship for the labor force. Therefore, option A is the correct answer.
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