National News
P. Chidambaram poses 20 tough questions on Rs 6 lakh Cr NMP
Senior Congress leader and former Union Finance Minister P. Chidambaram on Friday posed 20 questions on the Centre’s proposed National Monetization Pipeline (NMP) intended to ‘monetise’ certain assets and earn Rs 6,00,000 crore revenue over the next four years.
Stating that the government should answer the questions, he demanded to know the NMP objectives and whether it was solely intended to raise the revenues over the next four years.
Referring to the criteria adopted upfront to identify the PSUs that would be disinvested or privatised during the previous UPA government, Chidambaram queried whether the same is the case with the current NDA regime.
Pointing out that for infra projects like roads/highways, a PPP policy already exists, he asked what is the difference, if any, between this (PPP) model and the one that would be adopted by the Centre under the NMP, while addressing the media in the country’s commercial capital.
Moreover, if an asset is ‘monetised’ for 30-50 years, what is the value of the piece of paper that declares the government to be the ‘owner’ of that asset, what kind of asset will be returned to the government at the end of the period or would it be a “fully depreciated asset” worth practically nothing.
“Since the NMP is silent on the subject, will the government stipulate in the contract that the amount of depreciation should be put in a Depreciation Reserve Account which was used only to maintain, upgrade or add to the asset so that at the end of the lease period a valuable asset is returned to the government,” Chidambaram asked.
He also sought answers on whether there will be provision in the contract to prevent asset-stripping by the lessee, the terms included in the Invitation to Bid (ITB) to ensure that the ‘monetisation’ process does not create monopolies or duopolies in that sector, especially to prevent such (monopolies/duopolies) emerging in the ports, airports, telecom and power sectors.
The finance expert queried whether the lessee will manage the current levels of employment and the policy of reservations, or other policies, subject to sectoral regulators, etc., in the ‘monetised’ asset.
Harking to the UPA which identified the Railways as a ‘strategic sector’, he asked what are the other sectors the Centre has identified as ‘core’ or ‘strategic’ that would be kept out of the NMP purview.
“Has the government examined the impact of implementation of the NMP on the prices of goods and services in the sector/industry concerned? What will the government or the regulator do in case prices are increased by the lessee of the ‘monetized’ asset,” Chidambaram demanded.
Referring to the government’s revelation of the expected revenue of Rs 6,00,000 crore in four years, he asked whether the government would shed light on the total capital investment in the identified assets that are expected to yield the aforesaid revenue.
“The identified assets must be currently yielding a certain revenue every year. Has the government calculated the difference between the current revenue (undisclosed) and the expected revenue (of Rs 6,00,000 crore) over a period of four years? If so, what is the difference between the two amounts each year during the four year period,” Chidambaram asked.
On the government’s announcement that the NMP would be co-terminus with the National Infrastructure Pipeline (NIP) that is expected to require Rs 100 lakh crore, the ex-FM sought to know how the Rs 6,00,000 crore over a four year period be sufficient to finance a Rs 100 lakh crore NIP.
Furthermore, he sought an assurance from the Centre that the expected sum of Rs 6,00,000 crore “would not be merged with general revenues or used for general expenditure”.
Chidambaram further posed if the Rs 6,00,000 crore, when released, would not be diverted to partly-finance the fiscal deficit (Rs 5,50,000-crore in 2021-2022) or retiring old debts.
The Congress leader asked if the government floated a consultation paper on NMP, consulted various stakeholders including the workers or trade unions and demanded to know the outcome/minutes of these consultations.
He also asked whether the NMP was discussed in Parliament, and if not, whether the Centre plans to consult the Opposition Parties or debate in parliament.
Chidambaram said that the US is contemplating measures to contain monopolization and unfair trade practices of giants like Google, Amazon and Facebook, China has announced plans to rein in its giant tech firms and South Korea contained the influence of its huge family-controlled business conglomerates.
“Does the government intend to introduce similar measures while implementing the NMP,” Chidambaram asked, saying the Centre “is obliged to answer these questions”, and the media must demand replies from the government.
Gothenburg, May 18: Prime Minister Narendra Modi departed from Gothenburg on Monday after successfully concluding his visit to Sweden, during which he elevated the bilateral ties between the two countries to a Strategic Partnership. He is now en route to Norway for the fourth leg of his five-nation tour.
In a post on X, the Ministry of External Affairs (MEA) said, “A visit advancing innovation, sustainability and strategic cooperation. PM Narendra Modi departed from Gothenburg for Oslo after a productive visit marked by the elevation of India-Sweden ties to a Strategic Partnership. The visit opened a new chapter in India-Sweden ties.”
Prime Minister Modi arrived in Sweden on Sunday for a two-day official visit aimed at strengthening bilateral ties between the two nations.
Earlier in the day, Prime Minister Modi thanked the people and the Government of Sweden for the warmth and friendship.
The Sweden visit was marked by several important outcomes that will add new momentum to relations.
“From elevating our ties to a Strategic Partnership, launching the Joint Innovation Partnership 2.0 and the India-Sweden Technology and Artificial Intelligence Corridor, to setting an ambitious goal of doubling bilateral trade in the next five years, the discussions were highly productive,” PM Modi said in a post on X.
During his visit, PM Modi also addressed the European Round Table for Industry (ERT) in Gothenburg.
The Prime Minister said his speech focused on the growing convergence between India and Europe, the opportunities emerging from the India-European Union Free Trade Agreement (FTA), and India’s reform-driven economic growth journey.
He also held wide-ranging conversations with the business leaders in Sweden on how economic linkages between India and Sweden can be enhanced, particularly in futuristic technologies, R&D, AI, security and healthcare.
During the visit, PM Modi was also conferred with the ‘Royal Order of the Polar Star, Degree Commander Grand Cross’ in recognition of his exceptional contribution to India-Sweden relations and his leadership in deepening cooperation between the two countries.
Prime Minister Modi and his Swedish counterpart, Ulf Kristersson, also exchanged special commemorative gifts honouring the enduring legacy of Rabindranath Tagore, highlighting the deep cultural ties between India and Sweden.
PM Modi is now heading to Oslo, where he will hold discussions focusing on strengthening the bilateral cooperation.
He will participate in the 3rd India-Nordic Summit and hold bilateral engagements with Norwegian leaders.
The visit marks PM Modi’s first trip to Norway and the first visit by an Indian Prime Minister to the country in 43 years. During the visit, he is scheduled to call on King Harald V and Queen Sonja, besides holding bilateral talks with Norwegian Prime Minister Jonas Gahr Store.
The Prime Minister will also address the India-Norway Business and Research Summit along with the Norwegian Prime Minister.
New Delhi, May 15: India and the United Arab Emirates signed key agreements, during the visit of Prime Minister Narendra Modi on Friday, on a framework for the bilateral strategic defence partnership, the supply of LPG and strategic petroleum reserves, and an investment to the tune of $5 billion US dollars in Indian Infrastructure and RBL Bank and Samman Capital.
An agreement was also signed for setting up a ship repair cluster at Vadinar.
Speaking during delegation-level talks in Abu Dhabi, Prime Minister Narendra Modi said, “India stands shoulder-to-shoulder with the UAE in every situation, and it will continue to do so. For the restoration of peace and stability, India will extend all possible cooperation.”
He said it was important that the Strait of Hormuz remains “free and open” and added that international laws must be respected.
The Prime Minister thanked UAE President Mohamed bin Zayed Al Nahyan for strengthening the India-UAE comprehensive strategic partnership and said bilateral cooperation had gained greater importance in the current global situation.
PM Modi said both sides had agreed during the UAE President’s January visit to India to qualitatively upgrade relations and had already made significant progress in a short span.
“I extend heartfelt gratitude to you for taking our comprehensive strategic partnership to new heights. During your visit to India in January, we agreed to qualitatively upgrade our relations. Even in such a small duration, we have made significant progress in all matters. In the kind of situation we have at hand today, the importance of India-UAE strategic cooperation has vastly increased. In the time to come, we will go ahead together in every area,” he observed.
PM Modi said the impact of the conflict in West Asia was being felt globally and stressed that dialogue and diplomacy remain the best way to resolve issues.
The Prime Minister arrived in the UAE earlier in the day and received a ceremonial welcome. Later, he held bilateral talks with UAE President Mohamed bin Zayed Al Nahyan, popularly known as MBZ.
Prime Minister Narendra Modi began his five-nation tour from May 15 to 20, covering the UAE, the Netherlands, Sweden, Norway and Italy. The visit aims to deepen India’s strategic and economic partnerships across key sectors, including energy, defence, technology, green transition and trade.
New Delhi, May 15: External Affairs Minister (EAM) S Jaishankar on Friday met his Iranian counterpart Seyed Abbas Araghchi in New Delhi, where the two leaders exchanged views on the evolving situation in West Asia and its wider implications, along with bilateral matters of mutual interest.
EAM Jaishankar also welcomed Araghchi’s participation in the BRICS Foreign Ministers’ Meeting being hosted in New Delhi under India’s 2026 chairship.
Following the meeting, EAM posted on X : “Had a detailed conversation with FM Abbas Araghchi of Iran this morning in Delhi. Discussed the situation in West Asia and its implications. Also exchanged views on bilateral issues of mutual interest. Appreciate his participation in BRICS India 2026.”
Earlier on Thursday, Prime Minister Narendra Modi also met Iranian Foreign Minister on the sidelines of the BRICS Foreign Ministers’ Meeting in New Delhi.
The meeting marked the first high-level diplomatic engagement involving India since the Iran war began.
Meanwhile, EAM Jaishankar on Thursday highlighted the fragile security environment in West Asia, stating that the persistent tensions in the region, along with threats to shipping routes and energy infrastructure, remain a matter of global concern.
Delivering the national statement at the BRICS Foreign Ministers’ Meeting in New Delhi under India’s 2026 chairship, the EAM said, “The conflict in West Asia merits particular attention. Continuing tensions, risks to maritime traffic, and disruptions to energy infrastructure highlight the fragility of the situation. Safe and unimpeded maritime flows through international waterways, including the Strait of Hormuz and the Red Sea, remain vital for global economic well-being.”
He also reaffirmed India’s “strong commitment” to the purposes and principles of the United Nations Charter.
“Respect for sovereignty and territorial integrity must remain the foundation of international relations. Dialogue and diplomacy are the only sustainable means of resolving conflicts,” the EAM said.
In his address at the BRICS Foreign Ministers’ Meeting on Thursday, Araghchi urged the global community to condemn “violations of international law” by the United States and Israel and take action against “warmongering”, thereby bringing an end to the impunity of those who violate the UN Charter.
He stated that Iran has been subjected to “brutal and unlawful aggression” by the US and Israel.
“The attacks on my people have been justified with false claims that run counter to the informed assessments of the International Atomic Energy Agency and even America’s own intelligence community. The truth is that Iran — like many other independent nations — is the victim of illegal expansionism and warmongering. These are ugly things which have no place in today’s world,” the Iranian Foreign Minister stated.
Marking Tehran’s first high-level diplomatic outreach since the conflict in West Asia began, Araghchi arrived in New Delhi on Wednesday for a three-day official visit.
The escalating tensions in West Asia have also rattled global energy markets, with oil and gas prices surging after Iran effectively blocked the Strait of Hormuz — the strategic shipping corridor between the Persian Gulf and the Gulf of Oman that carries nearly 20 per cent of the world’s oil and LNG (liquefied natural gas) supplies.
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