New Delhi : The government will introduce the Financing Infrastructure and Development (NABFID) Bill 2021 in the Lok Sabha next week to pave the way for the establishment of state-owned DFIs to fund infrastructure projects.
The Union Cabinet earlier this week approved a budget proposal to set up a Development Finance Institution (DFI), which would provide tax benefits for raising funds from investors.
National Bank for Financing Infrastructure and Development (NABFID) to be set up in a corpus ₹20,000 crore and the government will provide initial grants ₹5 thousand crore rupees.
The government expects DFI to increase this fund ₹Three lakh crore rupees in the next few years.
Presenting the government’s business list for next week at the lower house, State Minister for Parliamentary Affairs Arjun Ram Meghwal said on Friday that the Financial Infrastructure and Development (NABFID) Bill, 2021 would be introduced in the National Bank.
Also, the Insurance (Amendment) Bill, 2021, which seeks to increase FDI in the insurance sector from the current 49 per cent to 744 per cent, will be adopted for discussion.
The insurance bill was passed by the Rajya Sabha on Thursday.