Funding to be stepped up for NIP; National Monetization Pipeline launched: FM
Finance minister Sitharaman said NIP, which was launched in December 2019 with 6,835 projects, has now been expanded to 7,400 projects, and around 217 projects worth Rs 1.10 lakh crore under some key infrastructure ministries have been completed.
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Expressing commitment to augment the country s infrastructure,
Finance Minister Nirmala Sitharaman on Monday proposed to significantly enhance capital expenditure to Rs 5.54 lakh crore in the next fiscal, besides creating institutional structures and giving a big thrust to monetising assets to achieve the goals of the
National Infrastructure Pipeline (NIP).
Sitharaman said NIP, which was launched in December 2019 with 6,835 projects, has now been expanded to 7,400 projects, and around 217 projects worth Rs 1.10 lakh crore under some key infrastructure ministries have been completed.
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In a usual year, the Union Budget is loaded with expectations from all quarters common citizens, industry, governments’ coffers, and investors. This year, under pandemic circumstances, there was an additional expectation from the Union Budget (2021-22) to show India the way forward after fighting a year of myriad challenges.
The COVID-19 pandemic brought with it unforeseen circumstances and difficulties: an overwhelmed healthcare infrastructure, uncertainty surrounding jobs and wages, and the growth trajectory taking a hit.
However, India stepped up to the challenge and used this crisis for structural reforms, and started preparing for growth revival since the very beginning of the pandemic. The sharp recovery is testament to this pursuit.
Nifty, Sensex to push higher – Monday closing report
Moneylife Digital Team
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We had mentioned in previous week’s closing report that Nifty, Sensex may try to recover. On Monday, the major indices posted huge gains on announcement of the Union Budget. On the NSE, there were 1,357 advances, 567 declines and 82 unchanged.
The trends of the major indices in the course of Monday’s trading are given in the table below:
In the Union Budget, finance minister Nirmala Sitharaman announced a Bill to set up a DFI (development finance institution) with a capital of Rs20,000 crore to provide lending of at least Rs5 lakh crore. A “National Monetization Pipeline” of potential Brownfield infrastructure assets will be launched. She also proposed to amend the Insurance Act, 1938 to increase the permissible FDI limit from 49% to 74% and allow foreign ownership and control with safeguards.
Powergrid declares successful bidder for project in Rajasthan
Posted On: 2021-02-01 04:11:56 (Time Zone: Arizona, USA)
Power Grid Corporation of India Limited (Powergrid) has been declared as the successful bidder under Tariff based competitive bidding to establish transmission system for Transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan (8.1 GW) under Phase II - Part C on build, own operate and maintain (BOOM) basis. The Letter of Intent (LoI) dated 1st February 2021 has been issued to Power Grid Corporation of India Limited. The Transmission system comprises establishment of a new 765/400kV Substation, 765kVD/C and 400kV D/C Transmission lines and associated Substation extension works in the State of Rajasthan.
State-owned Energy Efficiency Services Ltd (EESL) has entered into agreements with two Bihar utilities for installation of 23.4 lakh smart prepaid meters in Bihar. This is the first time that smart pr