Indian Finance minister Nirmala Sitharaman recently held a virtual bilateral meeting with H.E. Obaid Al Tayer, MoS Financial Affairs, UAE, and urged the Middle Eastern nation to participate in the country’s pioneering Rs 111 lakh crore National Infrastructure Pipeline.
Around 7,000 projects are identified as per the National Infrastructure Pipeline (NIP) with projected investment of Rs 111 lakh crore during the time-lapse of 2020-25.
“Both the leaders expressed respect for the long-standing relationship between India & UAE, and the need to take it further in mutually beneficial ways,” the finance ministry said in a series of tweets.
During the interaction, leaders on both the sides agreed to support on areas like financial technology (fintech).
“FM mentioned that with NIP, there are greater avenues between India & UAE to collaborate in the field of infrastructure investment. The leaders agreed to cooperate in area of FinTech especially UPI & RuPay card, thereby integrating financial transactions between two economies,“ another tweet said.
Leaders also nod to work together to align the interests of India and the UAE across many international forums like the G-20 and International Telecommunication Union (ITU) for attaining mutual goals, it said.
While addressing the nation on the 74th Independence Day, Prime Minister Narendra Modi had said that the economy’s main focus will be the creation of a pipeline of national infrastructure projects over Rs 110 lakh crore.
“About 7,000 projects in different sectors have been identified. This will be a type of infrastructure revolution,” he said
PM also asked that a large scheme to connect the country through a multi-modal connectivity infrastructure is prepared. It will play a major role in pulling the country out of the impact of COVID-19 pandemic.