&w=3840&q=100)
Governing Council urges NIIF to boost global presence, adopt new strategy
'The team at NIIF was advised to have a proactive approach to fund-raising and the need to explore diversified sources of financing. The GC expressed its confidence in an enhanced role for NIIF going forward and advised that the meeting be held annually,' said the finance ministry statement.
Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, chaired the sixth meeting of the Governing Council (GC) of the National Investment and Infrastructure Fund Limited (NIIF) in New Delhi. The meeting was also attended by Ajay Seth, Finance Secretary and Secretary, Department of Economic Affairs (DEA); M. Nagaraju, Secretary, Department of Financial Services (DFS); Anuradha Thakur, OSD (DEA); C.S. Setty, Chairman, State Bank of India; and Uday Kotak, Founder and Director, Kotak Mahindra Bank.
Moreover, the GC took note of progress on NIIF's upcoming Private Markets Fund II, which has a target corpus of $1 billion, and appreciated the fact that PMF II has successfully onboarded private investors — in line with earlier GC guidance — and is set for its first closing shortly. The GC was also informed about the proposed bilateral fund currently under discussion with the United States. Guidance was provided on aspects related to strategy, successful fund-raising, timely operationalisation and effective deployment.
The GC appreciated that both the Master Fund and the Private Markets Fund are already 100 per cent committed and that part of the Master Fund's investments has gone into the creation of greenfield assets in areas such as ports and logistics, airports and data centres.
The Governing Council appreciated NIIF's evolution as a sovereign-linked asset manager and acknowledged its sustained efforts in building strong partnerships with marquee global investors, including sovereign wealth funds such as the Abu Dhabi Investment Authority (ADIA) and Temasek; pension funds such as AustralianSuper, Ontario Teachers' Pension Plan and the Canada Pension Plan Investment Board (CPPIB); multilateral development banks including the Asian Infrastructure Investment Bank (AIIB), Asian Development Bank (ADB) and New Development Bank (NDB); as well as strategic government institutions such as the Japan Bank for International Cooperation (JBIC). Recognising NIIF's expanding role in mobilising capital into infrastructure and other priority sectors of the Indian economy, the GC appreciated its performance and took note of the growth in its assets under management, which now exceed Rs 30,000 crore, while catalysing capital of Rs 1,17,000 crore.
'The Council was also briefed on NIIF's overall strategy, sectoral focus, investment progress and future roadmap across its four active funds: the Master Fund for infrastructure, the Private Markets Fund (Fund of Funds), the India-Japan Fund focused on climate and sustainability, and the Strategic Opportunities Fund aimed at growth equity,' said the finance ministry statement.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
20 minutes ago
- India.com
List of 10 largest banks in the world released, China dominates with top 4 positions followed by..., India is...
New Delhi: China is the second largest economy in the world. But if we look at the list of the 10 largest banks in the world in terms of assets, then China dominates it. China has four banks at the top of this list. The total assets of these four banks are around 23 trillion dollars. America and France have 2 banks each in the top 10 list, while Japan and Britain have one bank each. India's banks SBI and HDFC Bank are far behind in this list. Which are the 10 largest banks in the world by assets? Here is the list of 10 largest banks in the world by assets, top 4 are from China. According to Bloomberg, China's Industrial and Commercial Bank of China (ICBC) is at the top of this list with assets of 6.7 trillion dollars. It is the largest of the 'big four' banks in China, and the largest bank in the world by total assets. The Agricultural Bank of China (ABC), also known as AgBank, is one of the 'big four' banks in China, and the second largest bank in the world by total assets of $5.9 trillion. The China Construction Bank Corporation (CCB), headquartered in Beijing, is one of the 'big four' banks in China, and is the third largest bank in the world by total assets of $5.6 trillion. The Bank of China is one of the 'big four' banks in China. It is at number four in this list with the total assets of $4.8 trillion. In this way, there are four Chinese banks at the top four positions in the list of world's banks whose total assets are around $23 trillion which is more than China's GDP ($19.23 trillion). The total assets of these four Chinese banks are around $23 trillion which is more than China's GDP, which is about $20 trillion. Which are the other countries? In this list, America's JP Morgan Chase is at number five with assets of $4 trillion. Bank of America is at number six with assets of $3.3 trillion. Britain's bank HSBC is at number seven with assets of $3 trillion. France's BNP Paribas with $2.8 trillion and Credit Agricole Group with $2.7 trillion are at number eight and nine. Japan's Mitsubishi UFJ Financial Group is at number ten with $2.6 trillion. Where does India rank? India's largest public sector bank SBI ($547 billion) and HDFC Bank ($494 billion) are among the top 100. India's largest public sector bank State Bank of India (SBI) has total assets of $547 billion and HDFC Bank has assets of $494 billion. Both these Indian banks have made it to the top 100.
The Hindu
29 minutes ago
- The Hindu
CM writes to PM to save Nimisha Priya from death row
Kerala Chief Minister Pinarayi Vijayan has written to Prime Minister Narendra Modi to intervene with Yemeni authorities and save Indian nurse Nimisha Priya, who has been sentenced to be executed in Yemen. In a letter to Mr. Modi on Sunday, Mr. Vijayan appealed to him to take up the matter and intervene with the authorities concerned to save the life of Nimisha Priya, 'considering the fact that this is a case deserving sympathy'. In the letter, he also attached a letter he had written to the Union Minister for External Affairs on March 24, 2025. In the March letter, Mr. Vijayan had written that the aged mother of Nimisha Priya had been making fervent appeals to save the life of her daughter. In an earlier letter dated February 6, 2025, he had requested intervention from Union Government for saving the life of the young woman, who has been found guilty for a crime committed by her as a teenager. Nimisha Priya, who hails from Kollengode in Palakkad district of Kerala, was convicted in 2020 for the murder of her Yemeni business partner in July 2017. She was allegedly subjected to severe abuse, and in an attempt to defend herself, the man had died. Nimisha Priya now faces the death penalty. As per Yemeni law, clemency is possible only through blood money. Her execution has been reportedly fixed for July 16.
India Gazette
34 minutes ago
- India Gazette
Digital infrastructure transforms India's tax administration, refunds surge 474%
By Shailesh Yadav New Delhi [India], July 13 (ANI): India's tax administration has undergone a dramatic transformation over the past decade, with taxpayer refunds growing at nearly double the pace of tax collections, Ministry of Finance sources told ANI. The numbers paint a striking picture of administrative efficiency gains. Between 2013-14 and 2024-25, refunds issued to taxpayers have skyrocketed by 474 per cent, rising from Rs 83,008 crores to Rs 4,76,743 crores. This growth significantly outpaces the 274 per cent increase in gross direct tax collections during the same period, which rose from Rs 7,21,604 crores to Rs 27,02,974 crores. Perhaps most impressive is the speed of refund processing. The average time to issue tax refunds has plummeted from 93 days in 2013 to just 17 days in 2024 - an 81 per cent reduction that reflects the success of digital modernization efforts. The transformation is largely attributed to comprehensive digitization of tax processes. The introduction of end-to-end online filing systems, faceless assessments, and automated refund processing has eliminated traditional bottlenecks that previously delayed taxpayer services. 'The adoption of digital infrastructure including pre-filled returns, real-time TDS adjustments, and online grievance redress mechanisms has fundamentally changed how we serve taxpayers,' a senior CBDT official familiar with the modernisation program told ANI. The taxpayer base has also expanded significantly, with income tax returns filed growing from 3.8 crores in 2013 to 8.89 crores in 2024 - a 133 per cent increase that demonstrates growing formalisation of India's economy. The proportion of refunds relative to gross tax collections has risen from 11.5 per cent in 2013-14 to 17.6 per cent in 2024-25. 'Growing refunds reflect increased voluntary compliance and the deepening of advance tax payment mechanisms,' said another senior Income Tax offcial. 'As more taxpayers participate in formal tax processes and TDS coverage expands, excess remittances naturally become more common,' the official added. The surge in refunds and their faster processing carry significant economic implications. Quicker refund turnaround time improves cash flow for businesses and individuals, while the growth in refund volumes signals expanding participation in India's formal economy. The data suggests that India's tax ecosystem has achieved what officials describe as 'systemic maturity' - a state where efficiency, transparency, and taxpayer facilitation have become embedded principles rather than aspirational goals. (ANI)
