NBFID- Vision for A New India
In the Recent Budget session, the parliament passed the National bank for Financing Infrastructure and development Bill 2021. This will be a dedicated financial institution to fund the development work.
Though it is an imitation of IDBI, it was the need of the hour. It is a welcoming decision of the government.
India has seen the condition of health infrastructure during the peak time of covid. The stadiums, boogies became the emergency ward; this was a testament to the Indian health infrastructure. If we talk bout Road infrastructure; Even after this much rapid construction of Highways and expressways, we cannot achieve our target. There are villages in the country with no RCC road; they are moving on the earthen road since the country’s freedom. Many villages have never seen the electricity pillar since 1947. One more severe issue which can be addressed, ie. Water supply through the pipeline in villages. There is no quality assurance of water there even they are depleting the groundwater table. If there will be a pipeline infrastructure that will be an alternative to the groundwater.
To deal with these disregarded issues, there is a need for the National bank for financing infrastructure and development that will be dedicated to deal with these issues. There were the dedicated funds for the highway development. There were Road development plans such as Nagpur road plan, Bombay road plan, and Lucknow Road plan. These were so dedicated that the Nagpur plan achieved its target two years before. We may hope that focus on Infrastructure development will be more after incorporating the National bank for financing the infrastructure and development.