(a) The estimated amount of capital required by the Government to fund infrastructural Development Projects in the country ;
(b) whether Government has formulated /proposes to formulate any policy to mobilise capital investment from various sources for development of basic infrastructure in the country including financial assistance by the World Bank under its Global Infrastructure Facility (GIF); and
(c) If so, the details thereof, source-wise?
MINISTER OF STATE FOR FINANCE (SHRI JAYANT SINHA)
(a) The Twelfth Five Year Plan has projected an investment of Rs. 55,74,663 crore over the Plan period (2012-17) in infrastructure defined to include electricity, renewable energy, roads & bridges, telecommunications, railways, mass rapid transit system, irrigation (including watershed), water supply & sanitation, ports (including inland waterways), airports, storage and oil & gas pipelines sectors.
(b) & (c) Government has taken steps to mobilize funds from various sources for development of basic infrastructure including establishment of Infrastructure Debt Funds, Real estate/Infrastructure business trusts, relaxation in External Commercial Borrowing (ECB) and Foreign Direct Investment (FDI) norms, mainstreaming of Public Private Partnerships (PPPs), liberalization of lending norms by banks in infrastructure sector, relaxation of norms for Employees’ Provident Funds Organization (EPFO) /pension funds, for infrastructure sector periodical review of Harmonized list of Infrastructure etc. Further, Global Infrastructure Facility (GIF) is being set up by the World Bank Group with the objective of enabling infrastructure projects in Emerging Markets and Developing Economies (EMDEs). It is focused on PPPs and projects with potential for commercial viability. In September, 2014, the Board of International Bank for Reconstruction & Development (IBRD) has approved the transfer of US$ 15 million from its surplus to GIF as initial seed capital.