Arun Jaitley asks BRICS nations to focus on knowledge sharing
The Finance Minister was delivering the Inaugural Address after inaugurating the BRICS India 2016 seminar on “BRICS Seminar on Best Practices in Public Private Partnerships (PPPs) and Long-term Infrastructure Financing” in New Delhi on Thursday.
The FM said that infrastructure is key to growth of economy and projects in the transportation sector like Highways, Ports and Railways will be areas of mega economic activities as far as infrastructure sector in India is concerned.
Jaitley said that investment, both from public and private sector, will be required for infrastructure financing, especially in areas of health, education, sanitation, renewable energy, highways, ports and railways among others.
Arun Jaitley outlined the strategy the Union government has adopted to boost the Indian economy like Make in India, 100 smart cities, and a liberalised FDI regime.
He said that the government gives high priority to Infrastructure and have taken a number of policy decisions like NIIF, Innovative new financial instruments such as REITS, INVITS, IDFs.
He stressed the need for BRICS member countries to share their experiences in financing and delivery of infra projects so that they can collectively move to higher quality and efficiency in the delivery of public services.
Earlier in his welcome address, Secretary, Department of Economic Affairs, Shaktikanta Das said that infrastructure financing, especially in clearly demarketed projects is the need of the hour.
He said that National Investment and Infrastructure Fund (NIIF) will play a pivotal role especially in infrastructure financing of projects in areas of ports, highways and railways in particular.
The Seminar brought together experts from BRICS countries in the field of infrastructure development and financing and PPPs for exchange of best practices, experiences and expertise.
The technical sessions covered the areas of Regulatory Issues and Financing of Infrastructure; Innovative Investment Vehicles for Long-Term Infrastructure Investment, PPP Project Delivery and Post award Contract management.
Government is also proposing Public Contracts (Resolution of Disputes) Bill, Guidelines for remediating PPP Contracts, New Credit Rating system, Credit Enhancement for Infrastructure projects etc.
Delegates from BRICS countries and senior officers of the Ministry of Finance alongwith senior executives of the private sector also participated in the one-day seminar organised by the Union finance ministry's Department of Economic Affairs with organisational support from Confederation of Indian Industries (CII).
India assumed the Chairmanship of the BRICS in 2016. The BRICS Summit is scheduled for Oct 2016.
Images: PIB
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