Finance minister seeks funding from UAE for Rs 111 lakh crore National Infrastructure Pipeline

NEW DELHI: Finance minister Nirmala Sitharaman on Monday held a digital bilateral assembly with United Arab Emirates (UAE) minister of state for monetary affairs Obaid Al Tayer and urged the Middle Eastern nation to take part in India’s formidable Rs 111 lakh crore National Infrastructure Pipeline.
About 7,000 tasks have been recognized underneath the National Infrastructure Pipeline (NIP) with projected funding of Rs 111 lakh crore throughout 2020-25.
“Finance Minister Smt. @nsitharaman immediately held a bilateral assembly through VC with H.E. Obaid Al Tayer, MoS Financial Affairs, UAE.
“Both leaders expressed respect for the lengthy standing relationship between India & UAE, and the necessity to take it additional in mutually useful methods,” the finance ministry stated in a collection of tweets.

During the assembly, each the leaders agreed to cooperate on areas like monetary expertise (fintech).
“FM talked about that with NIP, there are larger avenues between India & UAE to collaborate within the discipline of infrastructure funding. The leaders agreed to cooperate in space of FinTech particularly UPI & RuPay card,thereby integrating monetary transactions between two economies,” one other tweet stated.

The two leaders additionally agreed to work collectively in aligning the pursuits of India and the UAE in varied worldwide boards just like the G-20 and International Telecommunication Union (ITU) for attaining frequent objectives, it stated.

Addressing the nation on the nation’s 74th Independence Day, Prime Minister Narendra Modi had stated the economic system’s foremost focus would be the creation of a pipeline of nationwide infrastructure tasks value greater than Rs 110 lakh crore.
“About 7,000 tasks in numerous sectors have been recognized. This shall be a sort of infrastructure revolution,” he had stated.
Stating that working in silos within the infrastructure area has ended, Modi stated a big scheme to attach the nation by means of a multi-modal connectivity infrastructure is prepared.
The NIP will play a vital function in pulling the nation out of the affect of COVID-19, he had stated.

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