“To set up a new DFI as a provider, enabler and catalyst for infrastructure financing,” the NaBFID Bill 2021 purpose of statement noted, adding that NaBFID will be the, “principal financial institution and development bank for building and sustaining a supportive ecosystem across the life cycle of infrastructure projects.”
The Economic Survey tabled on Friday has also pointed out that investment in infrastructure is quintessential for more rapid and inclusive economic growth adding that the strong backward-forward linkages of the infrastructure sector are well established. The National Infrastructure Pipeline (NIP) project proposes to spend Rs 111 lakh crore between FY20 and FY25 on infrastructure creation across sectors.
The government will also introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 which seeks to create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. “The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exemptions to promote the underlying technology of cryptocurrency and its uses,” its purpose of statement noted.
Earlier this month, RBI had noted that is exploring the possibility as to whether there is a need for a digital version of fiat currency and, in case there is, how to operationalize it. Last year in March, the Supreme Court had overturned a ban by RBI on the use of bank channels for payments associated with cryptocurrency.
The government will also introduce The Pension Fund Regulatory and Development Authority (Amendment) Bill 2021 for ensuring universal pension coverage as well as strengthening PFRDA. “To amend the PFRDA Act to fulfil the Budget Announcement 2019 regarding the separation of NPS Trust from PFRDA,” the bill purpose of statement noted.