The correct answer is (I and II) - I and II.
The National Renewal Fund (NRF) was set up in India to address specific economic challenges and provide support for industrial restructuring and worker welfare. The purposes for which the NRF has been established are as follows:
I. To restructure sick small-scale industries: The NRF aims to provide assistance and support for the restructuring of financially distressed small-scale industries. This includes providing financial resources, technical assistance, and other forms of aid to help revive and rehabilitate these struggling industries.
II. To help workers likely to be displaced due to retrenchment in the process of industrial restructuring: The NRF also focuses on worker welfare and provides support to workers who may be displaced or face retrenchment due to industrial restructuring. It aims to assist these workers through various means, including training programs, reemployment initiatives, financial aid, and other forms of support.
III. To modernize existing industrial units: The modernization of existing industrial units is not explicitly mentioned as a purpose for which the NRF has been set up. Therefore, option III is not correct.
IV. To help refugees from Bangladesh, Sri Lanka, etc.: The NRF does not have a specific purpose related to helping refugees from countries like Bangladesh or Sri Lanka. Therefore, option IV is not correct.
Therefore, the correct answer is (I and II) - I and II.