Opinion | How Modi Govt's National Monetisation Pipeline 2.0 Scales Up Asset Recycling Experiment

If executed with discipline and transparency, NMP 2.0 could well become a global reference point for how emerging economies fund their next wave of development

When Finance Minister Nirmala Sitharaman unveiled the National Monetisation Pipeline (NMP) 2.0, it barely caused the kind of political noise that usually accompanies reforms of this magnitude.

That relative quiet is deceptive. What the government has put on the table is not just a continuation of a policy experiment begun in 2021, but a decisive escalation – one that places India among a small group of countries attempting infrastructure asset recycling at a truly national and systemic scale.

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At its core, NMP 2.0 is an audacious attempt to solve a problem that haunts governments worldwide: how to finance massive infrastructure expansion without inflating public debt or crowding out private investment.

India’s answer is neither indiscriminate privatisation nor fiscal adventurism. Instead, it is the monetisation of already built, revenue-generating public assets, with the proceeds recycled into new infrastructure. In effect, the state is trying to make its balance sheet work harder.

The numbers explain why NMP 2.0 deserves global attention. Over the five-year period from FY26 to FY30, the government has set a monetisation target of........

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