In the budget, the government has set a target of investing Rs 100 trillion in infrastructure over the next five years. An expert committee will be constituted for this, which will study our past experience regarding current status and development finance institutions in relation to long term financial availability. While presenting the Central Budget for 2019-20 in the Lok Sabha on Friday, Union Finance and Corporate Affairs Minister Nirmala Sitaraman said that the committee will provide recommendations regarding fund flow and structure through development financial institutions.
The Finance Minister said that for the efficient regulation of the housing sector, the regulatory authority of the Housing Finance sector will be re-assigned to RBI by withdrawing from NHB. In this regard, necessary proposals have been included in the Finance Bill.
Keeping in view the interests of the members and keeping the same distance from the PFRDA with respect to the NPS Trust, it has been proposed to take steps to isolate the NPS Trust from PFRDA. For this, appropriate organizational structure will also be constituted. Regarding opening of branches of international insurance transactions and foreign insurance companies, the Finance Minister said that the total capital requirement is proposed to be reduced from Rs.5000 crores to Rs.1000 crores.