(a) whether the Government is ready to launch the National Infrastructure Investment Fund;
(b) if so, the details thereof and likely amount of initial corpus;
(c) whether revival of stalled Public Private Partnership (PPP) projects are done/being done by the Government and if so, the details thereof for the same period; and
(d) the measures taken/proposed to be taken by the Government in this regard?
MINISTER OF STATE IN THE MINISTRY OF FINANCE
(SHRI JAYANT SINHA)
(a) & (b) Yes, Madam. National Investment and Infrastructure Fund (NIIF) has been established by the Government of India with an objective to maximize economic impact mainly through infrastructure development in commercially viable projects, both greenfield and brownfield, including stalled projects. The details of the NIIF are in Office Memorandum No. 10/33/2014-Investment dated 20th August, 2015 which is available on the website of Ministry of Finance, Department of Economic Affairs:
(finmin.nic.in/the_ministry/dept_eco_affairs/investment_division/NIIF24082015.pdf)
The initial authorized corpus of NIIF is Rs. 40,000 crore, which may be raised from time to time.
(c) With an objective to create an institutional mechanism for fast tracking of stalled investment projects, a cell in the nature of Project Monitoring Group (PMG) had been set up in June, 2013 for both public and private sector projects with anticipated investments of Rs. 1000 crore or more or projects of strategic importance. The project proponents can upload various issues concerning delay including grant of clearances from Central Ministries, State Governments or Local Authorities on the PMG web portal during the course of implementation of their projects. The PMG pursues such projects so that the issues causing delay in implementation of the projects are speedily resolved through tripartite meetings convened with the concerned Authorities and Project Proponents. The PMG follows up with the concerned authorities for speedy resolution/decision on various issues, including grant of clearances, within the underlying policy framework.
(d) In the Union Budget 2015-16, Finance Minister announced that the PPP mode of infrastructure development has to be revisited and revitalized. In pursuance of this announcement, a Committee on Revisiting & Revitalizing the PPP model of Infrastructure Development was set up chaired by Dr. Vijay Kelkar. The Committee looked at various aspects including how to revive stressed PPP projects. The Report of the Committee which was submitted to the Government has been uploaded on the Ministry of Finance’s website*.
*(finmin.nic.in/reports/ReportRevisitingRevitalisingPPPModel.pdf)