The ruling dispensation is reportedly mulling a Bharat sovereign wealth fund (SWF)-a state-owned entity that invests domestically and abroad-that generates a steady stream of non-tax revenues for the exchequer. Such a fund, whose initial size is pegged at $50 billion, could invest in energy, critical mineral assets, technology , and other important sectors and generate returns as a business entity like Singapore’s Temasek, according to FE.

The idea of setting up such a SWF, however, is not new and goes back to 2007-08 when there was a surge in capital inflows. In 2010-11, the Planning Commission revived the concept by recommending a $10-billion fund from the country’s foreign exchange reserves to secure oil and gas assets overseas. The group of ministers agreed in principle to a SWF but

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