REVOLUTIONARY STEP : Modi Govt is planning to setup a National Infrastructure Bank.
Budget 2021-22, Modi govt is planning to setup a new Development finance institutions(DFI) called -the National Bank for Financing Infrastructure and Development ( NaBID) through the National Bank for Financing Infrastructure and Development ( NaBFID) bill 2011.
The main aim to reduce funding gaps in infrastructure. ....we know most of the infrastructure projects were suffering due to lack of funds...we also know indian Banks ar unable to provide long term finance to infrastructure projects.....the new infrastructure bank can solve this problem.....The new bank can improve Economic and Social outcomes in India.
The bank will be set up on a capital base of $2.8 billion or Rs 20,000 crore and will have a lending target of $70 billion or Rs 5 lakh crore in three years.
The new Development finance institution will boost infrastructure and housing projects in india...The New Development Finance institution will be an extraordinary useful tool for overall Macroeconomic Development.......it can generate millions of new jobs.
We know infrastructure development one of the top priority of modi govt.
We know India needs to spends $3.5 trillion on infrastructure development from 2021-30.
We also know Modi govt has unveiled USD 1.5 trillion or Rs 111 trillion mega infrastructure investment plan for the next 5yrs (2019-24).....the project name Natonal Infrastructure Pipeline ( NIP ),near 7000 Projects under Rs 111 lakh cr / $1.5 trillion NIP.
(1)Power project will account $340 billion or Rs 24 trillion.
(2)Road projects will account $290 billion or Rs20 trillion
(3)Rs14 trillion or $190 billion would be for Railway projects.
(4) Urban infrastructure $230 billion or Rs 16 trillion
(5)Rural infrastructure $115 billion or Rs 8 trillion
(6)Irrigation Rs 8 trillion.
(7) industrial infrastructure ₹3 trllion
(8) Telecom ₹3trillion
(9) ₹1.5trillon would be for Airport.
(10) Rs 1trillion would be for sea port
(11)Health,Education and Agri $50 billion or Rs 3.50 trillion.
I think
The NIP and National infrastructure bank both will help India to become a $ 5 trillion Economy by 2024.
