Union Finance Minister Nirmala Sitharaman announced the NIP in December 2019. Under the NIP, the government has projected total infrastructure investment worth Rs 111 lakh crore during FY20-25.
During Union Budget 2021, the number of projects under the NIP was expanded to 7,400 projects from 6,835 projects.(Representative Image)
Amid the second wave of the COVID-19 pandemic, tax benefits have been approved for 15 global investors, mostly sovereign wealth funds (SWFs) and pension funds, for investing in Indian infrastructure projects.
Around 24 global investors in total had sought the tax benefits, of which 15 received permission in May, Mint has reported.
“This shows that SWFs and pension funds are keen to invest in India’s Rs 111-trillion NIP (National Infrastructure Pipeline),” an official told the publication.
Most recently, Canada’s Indo-Infra was given exemptions on income from dividend, interest or long-term capital gains arising from investments in specific infrastructure projects in India up to 2024, the report said.
Moneycontrol could not independently verify the report.
Most of the 15 funds that were given the approval are from Canada and Singapore, Mint report.
Some of the entities include SWF of the ministry of economy and finance (South Korea), Government Employees Superannuation Board (Australia), Caisse de dépôt et placement du Québec (Canada), Chiswick Investment (Singapore), Stretford Investment Singapore.
Union Finance Minister Nirmala Sitharaman announced the NIP in December 2019. Under the NIP, the government has projected total infrastructure investment worth Rs 111 lakh crore during FY20-25.
During Union Budget 2021, the number of projects under the NIP was expanded to 7,400 projects from 6,835 projects.
The Finance Act, 2020 offers tax benefits to notified funds from 1 April 2020 to 31 March 2024, subject to fulfilment of certain conditions.
