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Finance Minister launches National Monetisation Pipeline

Monday, 23 Aug 2021
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Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, launched the asset monetisation pipeline of Central Ministries and Public Sector Entities: ‘National Monetisation Pipeline (NMP Volumes 1 & 2)’. 
The pipeline has been developed by NITI Aayog in consultation with infrastructure line ministries, based on the mandate for ‘Asset Monetisation’ under the Union Budget 2021-22.  NMP estimates aggregate monetisation potential of Rs six lakh crore through core assets of the Central government, over a four-year period, from FY22 to FY25. 
Volumes 1 and 2 of the report on NMP were released in the presence of Vice Chairman (NITI Aayog), CEO (NITI Aayog), and Secretaries of infrastructure line ministries included under the pipeline -- Roads, Transport and Highways, Railways, Power, Pipeline and Natural Gas, Civil Aviation, Shipping Ports and Waterways, Telecommunications, Food and Public Distribution, Mining, Coal and Housing and Urban Affairs -- along with Secretary (Department of Economic Affairs) and Secretary (Department of Investment and Public Asset Management).
Asset monetisation, based on the philosophy of creation through monetisation, is aimed at tapping private sector investment for new infrastructure creation. Thereforms and initiatives undertaken by the current government towards accelerated infrastructure development and for incentivising private sector investments included the recent ‘Scheme of Financial Assistance to States for Capital Expenditure’, which incentivises state governments to recycle state government-owned asset for fast-tracking greenfield infrastructure.
The strategic objective of the programme is to unlock the value of investments in brownfield public sector assets by tapping institutional and long-term patient capital, which can thereafter be leveraged for further public investments. 
NMP is envisaged to serve as a medium-term roadmap for identifying potential monetisation- ready projects, across various infrastructure sectors. New models such as Infrastructure Investment Trusts & Real Estate Investment Trusts will enable not just financial and strategic investors but also common people to participate in this asset class thereby opening new avenues for investment. 
NMP is a culmination of insights, feedback and experiences consolidated through multi-stakeholder consultations undertaken by NITI Aayog, Ministry of Finance and line ministries. 
As part of a multi-layer institutional mechanism for overall implementation and monitoring of the Asset Monetization programme, an empowered Core Group of Secretaries on Asset Monetization (CGAM) under the chairmanship of Cabinet Secretary has been constituted.
The Union Budget 2021-22 has identified monetisation of operating public infrastructure assets as a key means for sustainable infrastructure financing. Towards this, the Budget provided for preparation of a ‘National Monetisation Pipeline’ of potential brownfield infrastructure assets.
The pipeline has been prepared based on inputs and consultations from respective line ministries and departments, along with the assessment of total asset base available therein. 
Monetisation through disinvestment and monetisation of non-core assets have not been included in NMP. Further, currently, only assets of the Central government line ministries and CPSEs in infrastructure sectors have been included. 
The process of coordination and collation of asset pipeline from states is currently ongoing and the same is envisaged to be included in due course. The framework for monetisation of core asset monetisation has three key imperatives. This includes selection of de-risked and brownfield assets with stable revenue generation profile with the overall transaction structured around revenue rights. 
The primary ownership of the assets under these structures, hence, continues to be with the government with the framework envisaging hand back of assets to the public authority at the end of transaction life.
Considering that infrastructure creation is inextricably linked to monetisation, the period for NMP has been decided so as to be co-terminus with balance period under National Infrastructure Pipeline (NIP). 
The aggregate asset pipeline under NMP is indicatively valued at Rs six lakh crore. The estimated value corresponds to around 14 percent of the proposed outlay for Centre under NIP (Rs 43 lakh crore). 
This includes more than 12 line ministries and more than 20 asset classes. The sectors included are roads, ports, airports, railways, warehousing, gas & product pipeline, power generation and transmission, mining, telecom, stadium, hospitality and housing. 
The top five sectors (by estimated value) capture around 83 percent of the aggregate pipeline value.  These top five sectors include -- Roads (27 percent) followed by Railways (25 percent), Power (15 percent), Oil & Gas Pipelines (eight percent) and Telecom (six percent).  
In terms of annual phasing by value, 15 percent of assets with an indicative value of Rs 0.88 lakh crore are envisaged to be rolled out in the current financial year (FY22). 
However, the aggregate as well as year-on-year value under NMP is only an indicative value with the actual realisation for public assets depending on timing, transaction structuring, investor interest, etc. The assets and transactions identified under NMP are expected to be rolled out through a range of instruments.
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