in

Union Cabinet approves bill to set up Development Finance Institution with Rs 20,000 cr initial capital – Business News , Firstpost


The proposed laws will give impact to the Budget announcement made by Finance Minister Nirmala Sitharaman on 1 February

File picture of Union finance minister Nirmala Sitharaman. PTI

New Delhi: The Union Cabinet on Tuesday accredited a bill to set up a Development Finance Institution (DFI) to generate funds for funding within the infrastructure sector.

The proposed laws will give impact to the Budget announcement made by Finance Minister Nirmala Sitharaman on February 1. The authorities has proposed Rs 20,000 crore to capitalise on the establishment.

“The Cabinet has cleared this bill, through which we will have an institution and institutional arrangement, which will help in increasing long term funds,” she stated after the assembly of the Cabinet.

The proposed DFI could have 50 %, non-official administrators, Sitharaman added.

In her Budget 2019-20 speech, Sitharaman had proposed a examine for setting up DFIs for selling infrastructure funding. About 7,000 initiatives have been recognized beneath the National Infrastructure Pipeline (NIP) with a projected funding of a whopping Rs 111 lakh crore throughout 2020-25.

Subscribe to Moneycontrol Pro at ₹499 for the primary yr. Use code PRO499. Limited interval provide. *T&C apply



Source hyperlink

What do you think?

Written by Business Boy

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0

Dick’s Sporting Goods is launching its own men’s athleisure line, rivaling Lululemon

A year later, Trump’s ’15 days to slow the unfold’ campaign shows how little we knew of Covid