About NIP:
It is a first-of-its-kind government effort to provide world-class infrastructure across India in five years i.e. 2020-2025 through an investment (both domestic & foreign) of Rs 111 Lakh crore. In the budget speech of 2019-2020, Nirmala Sitharaman announced an outlay of Rs 100 lakh Crore for infrastructure projects over the next 5 years.
- After that, a high level Task Force headed by Atanu Chakraborty, Secretary, Department of Economic Affairs (DEA) submitted a final report on NIP with projected infrastructure investment of Rs 111 Lakh Crore during FY 2020-25.
- NIP also helps in achieving the target of a $5 trillion economy by FY 2025.
- NIP covers both economic and social infrastructure projects- based on the updated Harmonized Master List of Infrastructure.
About IIG:
IIG is a pan-India database, developed and managed by Invest India, the National Investment Promotion and Facilitation Agency, showcases real-time investment opportunities across sectors to the global investor community and also enables them to communicate with project promoters.
- Apart from above, it also acts as a monitoring and evaluation tool used by the concerned ministries/departments and Department of Economic Affairs (DEA) for the implementation and actual progress of each and every project under NIP.
- IIG allows investors to: Search a pan-India database for investment opportunities across sectors Track the progress of preferred projects and indicate interest Directly communicate with project promoters.
Recent Related News:
On May 29, 2020, the Ministry of Finance appointed PR Jaishankar as the MD (Managing Director) of the India Infrastructure Finance Company Limited (IIFCL) for 3 years. The Ministry also appointed Harsha Bungari as Deputy Managing Director (DMD) of Exim Bank.
About Ministry of Finance:
Minister of State (MoS)– Anurag Singh Thakur
Departments – 5: Department of Economic Affairs, Department of Expenditure, Department of Revenue, Department of Investment and Public Asset Management, and Department of Financial Services.