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FM reviews National Infrastructure Pipeline (NIP)
Why is it in news?
- Finance and Corporate Affairs Minister reviewed the progress of the National Infrastructure Pipeline (NIP) as the government seeks to accelerate infrastructure spending in the economy.
Details:
- The NIP has been expanded from 6,385 projects at the time of its introduction a year ago, to more than 7,300 projects.
- Finance Minister had unveiled a ₹102 lakh crore national infrastructure pipeline.
- The plan is in accordance with the government's vision to make India a $5 trillion economy by 2024-25.
- Under the plan, the Centre, the States and the private sector sharing the capital expenditure in a 39:39:22 formula.
- This will be a significant increase over the last six years, when the Centre and the States together spent ₹51 lakh crore on infrastructure.
- The Government has also constituted an inter-ministerial task force to draw up annual National Infrastructure Pipeline for each of the five years.
- The task force will also Identify technically feasible and financially/ economically viable infrastructure projects that can be initiated in FY 2019-20.