Thursday, July 25, 2024

National Infrastructure Pipeline Reaches Rs 108.88 Lakh Crore Outlay

The Finance Ministry announced on Thursday that the National Infrastructure Pipeline (NIP), initially launched with 6,835 projects, has now expanded to encompass over 9,288 projects with a total outlay of Rs 108.88 lakh crore for the period 2020-25. These projects, valued at over Rs 100 crore each, cover both brownfield and greenfield infrastructure across economic and social sectors.

The NIP involves collaboration between all states and Union Territories in India, along with 22 infrastructure ministries. It is a groundbreaking initiative aimed at delivering top-tier infrastructure nationwide, enhancing the quality of life for citizens. The NIP is expected to enhance project readiness, attract domestic and foreign investments, and play a crucial role in achieving the goal of making India a USD 5 trillion economy by FY25.

In addition to the NIP, the ministry highlighted the Mahila Samman Savings Certificate (MSSC), designed to provide financial benefits to women, encouraging them to take control of their finances and make informed decisions. The MSSC account can be opened by women of any age group with a minimum deposit of Rs 1,000 and a maximum deposit of Rs 2 lakh for a two-year period.

The scheme offers an annual interest rate of 7.5%, compounded quarterly, and allows partial withdrawal and premature closure on compassionate grounds. The Department of Posts, along with all public sector banks and four private sector banks, has been authorized by the government to operate the MSSC. However, some banks like Axis Bank, HDFC Bank, ICICI Bank, and IDBI Bank have yet to implement the scheme. The MSSC Scheme is available until March 2025, and applications for account openings can be submitted on or before March 31, 2025.

Furthermore, the Finance Ministry emphasized that India has adopted the T+1 settlement on Indian exchanges, ensuring quicker delivery of securities. This move promotes transparency and safeguards the interests of investors in the country.

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