India’s finance minister is calling on Canada’s pension plans to invest in infrastructure projects in the world’s most populous democracy.
This week, Mary Ng, Canada’s minister of international trade, export, small business and economic development met with Nirmala Sitharaman, India’s minister of finance, to exchange views on opportunities to further economic cooperation between the two nations. During the meeting, Sitharaman praised Canada’s public sector pension plans for their effective engagement with global opportunities and called on the investment organizations to consider allocating more to two government-backed infrastructure investment vehicles.
“[Sitharaman] complimented Canada for housing some of the largest and most successful pension funds globally and welcomed the investments from Canada into India, including in national monetization pipeline . . . and national infrastructure pipeline,” wrote the Indian Ministry of Finance in a social media post.
The national infrastructure pipeline is a ₹111 trillion ($1.85 trillion) development fund for India’s energy, transportation and urban development infrastructure projects. It’s seeking to secure ₹22.8 trillion ($388 million) from institutional investors.
The national monetization pipeline, first announced in August 2021, aims to fund government-owned infrastructure projects valued at about ₹6 trillion ($1 trillion). The government is courting international investors with the promise of post-development income rights from airports, roads and railways as well as energy networks and sporting facilities.