Recently, to promote the Digital India initiative of the Government of India, the Infrastructure Finance Secretariat has launched the IIPDF Portal for submitting applications for consideration under IIPDF Scheme.
About IIPDF Scheme:
- What it is? It is a Central Sector Scheme which will aid the development of quality PPP projects by providing necessary funding support to the project sponsoring authorities, both in the Central and State Governments.
- The corpus of the IIPDF shall comprise of initial budgetary outlay of Rs. 100 Crore by the Ministry of Finance.
- Funding under IIPDF Scheme is in addition to the already operational Scheme for Financial Support to PPPs in Infrastructure (VGF Scheme).
- Composition of the IIPDF approval committee:
- Chairperson: Joint secretory, DEA
- Representative of NITI Aayog
- Member Secretary: Deputy Secretory/Private Investment Unit, DEA
- The approval committee will
- Select projects for which project development costs will be funded.
- Set the terms and conditions under which the funding will be provided and recovered.
- Set milestones for disbursing and recovering (where appropriate) the funding.
- The Public-Private Partnership Cell of the DEA will provide support functions to examine the applications received for assistance under IIPDF.
Q1) What is Public-Private Partnership projects?
It is a contractual arrangement between a government or public sector authority and a private sector entity for the provision of public infrastructure, services, or facilities. PPP projects are typically long-term collaborations where the responsibilities, risks, and rewards are shared between the public and private sectors.
Source: Infrastructure Finance Secretariat(IFS), DEA launches the revamped website of PPPININDIA and online portals for India Infrastructure Project Development Funding Scheme (IIPDF) and the Best Practices in Infrastructure