India is set to spend USD 1.4 trillion on developing its infrastructure in the next five years, according to the Union Finance Minister Nirmala Sitharaman. The move is seen in the backdrop of the country’s ambitious goal to become a USD 5 trillion economy by 2024.
The National Investment and Infrastructure Fund (NIIF) will soon be closing its very first major deal with Abu Dhabi Investment Authority who will be approximately investing $5-10 billon in several sectors, with their main focus on transport. The agreement is expected to be signed in the coming weeks, according to reports. In February of the preceding year, the government had signed an MoU with UAE to mobilise approximately $75 billion for NIIF.