The objective of the National Renewal Fund is to safeguard the interests of workers who may be affected by technological upgradation of industry or closure of sick units. The fund was established in 1992 as part of the government`s efforts to address the challenges faced by workers due to industrial restructuring and modernization. It provides financial assistance and support to workers who may lose their jobs or face unemployment as a result of technological advancements or the closure of financially unviable units. The fund aims to provide retraining and rehabilitation opportunities to affected workers, helping them transition to new employment opportunities and mitigate the social and economic impact of industrial changes.