The finance ministry has suggested that banks and non-banking financial companies (NBFCs) increase their participation in financing large-scale infrastructure initiatives, which are crucial for India's ambition to achieve developed nation (Viksit Bharat) status by 2047.
Speaking at an event organised by the India Infrastructure Finance Company (IIFCL), M Nagaraju, secretary of the Department of Financial Services in the finance ministry, said he had advised IIFCL, National Bank for Financing Infrastructure and Development, and banks to move away from secured assets and pursue new, larger infrastructure projects.
"There is also a need for pooling resources by NBFCs and banks so they can finance large projects," Nagaraju said at the National Summit on Indian Infrastructure for Viksit Bharat 2047.
This story is from the January 07, 2025 edition of Business Standard.
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This story is from the January 07, 2025 edition of Business Standard.
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