Two Tamil Finance Ministers set up infra lenders
By
Venkatachari Jagannathan ( IANS) |
Published on
Tue, Mar 16 2021 20:42 IST |
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Chennai, March 16 : Setting up of financial institutions to fund infrastructure projects is one of the common threads between Finance Minister Nirmala Sitharaman and former Finance Minister P. Chidambaram.
It was in 1996 that the then Finance Minister P. Chidambaram from Tamil Nadu during his budget speech announced the setting up of the Infrastructure Development Finance Company Ltd (IDFC) to fund the infrastructure projects. Infrastructure needs long-term finance, typically 15-20 year financial instruments. However, it has not been possible to float such instruments in the Indian market so far. Hence, I am proposing the establishment of an Infrastructure Development Finance Company (IDFC), Chidambaram had then said.