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Govt constitutes task force to identify infrastructure projects worth Rs 100 lakh crore

Post by Admin,Sep 09,2019.
News

The Central Government has constituted a task force to draw up a National Infrastructure Pipeline for each of the financial years from 2019-20 to 2024-25.

  • The Task Force is chaired by the Secretary, Department of Economic Affairs, Ministry of Finance.

National Infrastructure Pipeline

  • This in line with the Prime Minister’s Independence day speech that Rs.100 lakh crore ($1.4 trillion) would be invested in infrastructure over the next five years.
  • National Infrastructure Pipeline will ensure that infrastructure projects are adequately prepared and launched.
    • Infrastructure projects will include both social and economic infrastructure projects.
    • It would include greenfield and brownfield projects costing above Rs 100 crore each.
  • Each Ministry/ Department would be responsible for the monitoring of projects so as to ensure their timely and within-cost implementation.
  • It will help in stepping-up annual infrastructure investment to achieve the Gross Domestic Product (GDP) of $5 trillion by 2024-25.
    • In the past decade (2008-17), India invested about $1.1 trillion on infrastructure.

Terms of Reference of the Task Force

  • To identify technically feasible and economically viable infrastructure projects that can be initiated in the Financial Year (FY) 2019-20.
  • To list the projects that can be included in the pipeline for each of the remaining 5 years between FY 2021-25.
  • To estimate annual infrastructure investment/capital costs.
  • To guide the Ministries in identifying appropriate sources of financing.
  • To suggest measures to monitor the projects so that cost and time overrun is minimized.
  • To enable robust marketing of the pipeline of projects requiring private investment through the India Investment Grid (IIG), National Investment & Infrastructure Fund (NIIF), etc.

India Investment Grid

  • India Investment Grid (IIG) is an ?initiative of the Department for Promotion of Industry & Internal Trade (DPIIT) Ministry of Commerce and Invest India, the National Investment Promotion and Facilitation Agency.
  • It showcases a menu of investment options across India on a single online interactive platform. It connects potential investors to project promoters across India.

National Investment & Infrastructure Fund

  • National Investment & Infrastructure Fund (NIIF) is an Indian-government backed entity established to provide long-term capital to the country’s infrastructure sector.
  • The Indian government has a 49% stake in NIIF with the rest held by foreign and domestic investors.
  • With the Centre’s significant stake, NIIF is considered India’s quasi-sovereign wealth fund.
  • Across its three funds- Master Fund, Fund of Funds, and Strategic Fund - it manages over $3 billion of capital.
  • Its registered office is in New Delhi.