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| Govt to focus on IIFCL refinance to pump in Rs 75k cr: Montek |
| Press Trust of India / New Delhi Jan 05, 2009, 17:41 IST |
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The government will focus on utilisation of refinance facility extended to India Infrastructure Finance Company (IIFCL) to provide Rs 75,000 crore for the infrastructure sector projects with a view to arrest economic slowdown, Planning Commission Deputy Chairman Montek Singh Ahluwalia said today.
"I am particularly looking at implementing the IIFCL refinancing. We should implement that and announce the details as quickly as possible," he told PTI after meeting IIFCL Chairman S S Kohli and finance ministry officials.
IIFCL is expected to leverage Rs 30,000 crore it has been allowed to raise from tax-free bonds and provide about Rs 75,000 crore to projects in the infrastructure sector.
Ahluwalia said, "The refinance facility granted to IIFCL is a very important instrument for getting investment in Public Private Partnership (PPP) projects."
"To fund additional projects of about Rs 75,000 crore at competitive rates over the next 18 months, IIFCL is being enabled to access in tranches an additional Rs 30,000 crore by way of tax-free bonds," he had said while announcing the second stimulus package on Friday.
About any additional measure for monetary reforms by the government he said, "Right thing to do now is to wait and see. We are concentrating not on the monetary side but there is a lot to be done on implementing components of the stimulus package."
"We are trying very hard - the clarity, pace of work going to be done etc should be made much clear. I am particularly looking at implementing the IIFCL refinancing," he said.
The second stimulus package came within a month of the first one, which reduced excise duty by 4 per cent and promised to raise public expenditure by Rs 20,000 crore for projects, especially in the core sector.
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