National Monetisation Pipeline (NMP)
The National Monetisation Pipeline (NMP), announced in August 2021, is the Government of India's framework to unlock value from brownfield public infrastructure assets by leasing them to private operators (while the government retains ownership) over a defined concession period. The underlying principle is that private operators — including InvITs — can improve asset utilisation and generate stable cash flows, while the government receives upfront lease proceeds it can redeploy into new capital expenditure.
- NMP targets monetisation of INR 6 lakh crore worth of assets over FY22–25, spanning roads (NHAI), railways (Indian Railways), gas pipelines (GAIL), power transmission (Power Grid), telecom towers (BSNL), and airports (AAI).
- NITI Aayog developed the NMP framework; individual sector ministries are responsible for execution.
- InvITs are the most commonly used vehicle for NMP asset monetisation — e.g., PowerGrid InvIT holds power transmission lines leased from Power Grid Corporation.
- A key risk in NMP monetisation is "concession expiry" — when the lease period ends, the asset reverts to the government; SEBI's March 2026 relaxation allowing SPV holding beyond concession expiry addresses a major concern foreign investors had about exit and continuity.
● Tracked since February 24, 2026 · last seen May 12, 2026 · updates as the daily brief publishes
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