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Monday
September 2019
11:43 AM IST
News Headlines
Sourabh wins Vietnam Open Super 100 title        England close in on Ashes-levelling win after Broad double        Air India posts Rs 4,600 cr operating loss in 2018-19; aims operating profit this fiscal        SBI to move RBI to offer fixed-floating rate home-loans: Chairman        Hong Kong returns to violence with tear gas and Molotovs        36 people missing after boat sinks in Congo river: DRC police        Underfire PM calls up Hulk, claims 'huge' Brexit progress        Dearth of quality people in north India: Labour minister on unemployment        Will implement NRC in Haryana, says Khattar        One nation-one language will never be a reality: Jairam Ramesh        21 Indians killed in 2,050 ceasefire violations by Pak this year: MEA        We need to take advantage of India's inexperienced pace attack: Klusener        India's contrasting training camps at World Championships        Inflation under control, clear signs of revival in factory output: FM        China to lift punitive tariffs on US soybeans, pork        Former PM Cameron 'sorry' for Brexit divisions        Pakistani cleric Tahirul Qadri quits politics, resigns from party        Afghan government says elections first, peace deal after        My govt committed to the welfare of peasants & also to promote industry: Mamata        Amend Constitution to ensure use of Indian languages in SC, high courts: Paswan        
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Business News
FinMin sets up task force to identify infra projects for Rs 100 lakh cr investment
 
New Delhi: The government on Saturday said it has constituted a high-level task force to identify infrastructure projects for Rs 100 lakh crore investment by 2024-25 as India aims to become a USD 5 trillion economy.

The task force, headed by the economic affairs secretary, will draw up a 'National Infrastructure Pipeline' of Rs 100 lakh crore, the finance ministry said in a statement.

This would include greenfield and brownfield projects costing above Rs 100 crore each.

The task force will comprise secretaries from different ministries, other senior officials and Niti Aayog CEO. It will identify technically feasible and financially/ economically viable infrastructure projects that can be initiated in 2019-20.

Further, it has been asked to list the projects that can be included in the pipeline for each of the remaining five years between fiscals 2021-25.

The task force, constituted by Finance Minister Nirmala Sitharaman, will submit its report on the pipeline for 2019-20 by October 31, 2019 and on the indicative pipeline for 2021-25 by December-end, the ministry said.

To achieve the target of scaling India's GDP to USD 5 trillion by 2024-25, the country needs to spend about USD 1.4 trillion (Rs 100 lakh crore) from the fiscal 2019-20 to 2024-25 on infrastructure, it added.

In the past decade (fiscal 2008-17), India invested about USD 1.1 trillion on infrastructure.

The challenge is to step-up annual infrastructure investment so that lack of infrastructure does not become a binding constraint on the growth of the Indian economy, the ministry said.

Prime Minister Narendra Modi in his Independence Day speech had said that Rs 100 lakh crore would be invested on infrastructure over the next five years. These will include social and economic infrastructure projects.

"To implement an infrastructure program of this scale, it is important that projects are adequately prepared and launched," the ministry said, adding that in pursuance of this an annual infrastructure pipeline would be developed.

"To achieve this task, a Task Force under the chairmanship of Secretary (DEA) has been constituted by Union Finance Minister to draw up a National Infrastructure Pipeline for each of the years from FY 2019-20 to FY 2024-25," it said.

As per the terms of reference (ToR) of the task force, it has also been asked to estimate annual infrastructure investment/capital costs, guide ministries in identifying appropriate sources of financing and suggest measures to monitor the projects to minimise cost and time overruns.

Other qualifications for inclusion in the pipeline for the current year will include availability of a detailed project report (DPR), feasibility of implementation, inclusion in the financing plan and readiness/ availability of administrative sanction.

Each ministry/department would be responsible for monitoring of projects so as to ensure their timely and within-cost implementation, the finance ministry said.

The task force will also enable robust marketing of the pipeline of projects requiring private investment through the India Investment Grid (IIG) and National Investment and Infrastructure Fund (NIIF), among others.


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