India’s ambitious National Monetisation Pipeline (NMP) has officially concluded its FY22–25 phase with proceeds of ₹5.8 lakh crore — slightly below the original ₹6 lakh crore goal, according to top government officials. The initiative was launched in 2021 to unlock value from underused public sector assets like roads, coal blocks, pipelines, and telecom infrastructure.
Despite early challenges and a slow start, the programme gained momentum, driven by strong performance from key ministries. “We managed to achieve 98% of the target, which is a success given the scale and complexity of the task,” a senior government official told Moneycontrol.
Top Performers: Coal and Roads
The Ministry of Coal emerged as the top contributor, raising ₹2 lakh crore — 45% more than its target of ₹1.38 lakh crore. The Ministry of Road Transport and Highways also showed strong results, helping offset underperformance in other sectors.
“The Coal Ministry’s overshoot by ₹63,000 crore gave us a good buffer,” another official said. “The roads sector also helped compensate for the poor showing by Indian Railways.”
Officials added that the pace of monetisation picked up in FY24 and FY25 after ministries realigned strategies based on early experiences. In April 2025 alone, ₹8,000 crore was raised, with an additional ₹10,000 crore pending regulatory approval.
Railways Misses the Mark
Indian Railways significantly underdelivered, raising just ₹28,717 crore against its ₹1.52 lakh crore target. According to insiders, its asset monetisation structures failed to attract private investors, and its core infrastructure—stations, wagons, and lines—was not effectively leveraged.
Additionally, monetisation of non-core assets such as land by the Rail Land Development Authority (RLDA) wasn’t counted under the NMP framework, further dampening the figures.
What’s Next: ₹10 Lakh Crore by FY30
Looking ahead, the government has announced a second phase of the NMP targeting ₹10 lakh crore for the FY25–30 period. Finance Minister Nirmala Sitharaman confirmed the new plan during the Union Budget 2025 presentation. This time, ministries will set their own targets under a decentralised model being prepared by NITI Aayog.
The move comes in response to concerns about the top-down approach used in the first NMP, aiming for better accountability and practical implementation.
With refined strategy and broader participation, the second asset monetisation wave is expected to play a pivotal role in financing India’s infrastructure and development push.
