M Nagaraju, Secretary of Financial Services, on Monday highlighted the importance of collaboration between banks and infrastructure finance companies to finance large-scale infrastructure projects. He stressed the need for shifting focus from completed projects to greenfield ventures, which will drive fresh asset creation.

Nagaraju spoke at the National Summit on Indian Infrastructure for Viksit Bharat 2047, organised by the Indian Infrastructure Finance Company Ltd (IIFCL). He also emphasised the need to protect infrastructure projects from corruption and fraud.

He pointed out that infrastructure projects free from fraud, fund diversion, and delays are often revenue-generating and viable. He suggested that IIFCL should lend at least Rs 1 lakh crore in the next three years to support India’s aspirations of becoming a developed nation.

To date, IIFCL has sanctioned loans totalling Rs 2.8 trillion and disbursed Rs 1.4 trillion, half of which occurred in the past four to five years.

Nagaraju referred to infrastructure in Europe and North America, underscoring the importance of creating infrastructure that not only serves functional purposes but is also visually appealing.

To achieve 'Viksit Bharat', Nagaraju recommended that IIFCL focus on innovative products, new finance mechanisms, governance, and regulatory reforms to ensure the creation of sustainable infrastructure.