Parekh panel to submit report on infra funding to PM tomorrow

Last Updated: Tuesday, October 2, 2012 - 18:49

New Delhi: A high-level committee, headed by HDFC Chairman Deepak Parekh, will tomorrow submit its report to Prime Minister Manmohan Singh on funding of infrastructure sector, the requirement of which has been estimated at close to USD one trillion during the 12th Plan period.

In July, government had appointed eminent banker Deepak Parekh as the Chairman of the High Level Committee on financing infrastructure, which was originally set up in November 2010 under the chairmanship of former RBI Deputy Governor Rakesh Mohan.

"The Deepak Parekh Committee would submit its report to the Prime Minister tomorrow," a source said.

The committee was mandated to review existing policies and suggest necessary changes in the investment framework in the high-priority infrastructure sector.

Parekh's appointment as chairman of the committee, was approved by Prime Minister Manmohan Singh. He held this position in honorary capacity with the status of a Minister of State.

Among other things, the committee would make recommendations relating to financing of the projected infrastructure investment of over USD one trillion during the 12th Five Year Plan period (2012-17).

The committee was mandated to assess financing requirement in the 10 key physical infrastructure sectors ? electricity, roads and bridges, telecom, railways, irrigation, water supply and sanitation, ports, airports, storage, and oil and gas pipelines.

The Committee would suggest measures on issues for financing like sourcing of overseas funds, availability of debt and equity and formulation of comprehensive data.

While setting up the HLC on Financing Infrastructure, the government had said in November 2010 that it would have a tenure of 18 months.

The other members of this committee includes R Gopalan (former Secretary, Department of Economic Affairs), D K Mittal (Secretary, Department of Financial Services), IRDA Chairman J Hari Narayan, PFRDA Chairman Yogesh Agarwal, RBI Deputy Governor Subir Gokarn, SBI Chairman Pratip Chaudhuri and LIC Chairman D K Mehrotra.

The other members include PFC Chairman Satnam Singh, ICICI Bank chief Chanda Kochhar, IDFC chief Rajiv Lall, as also Uday Kotak, G M Rao, G V Sanjay Reddy, Sonjoy Chatterjee and Madhav Dhar.

Gajendra Haldea, Advisor to Planning Commission Deputy Chairman, is the member-convenor of the committee.


First Published: Tuesday, October 2, 2012 - 18:49

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