Lok Sabha Question No. 1222 (UNSTARRED), answered on 2025-12-08
Subject: National Pension System
Ministry: FINANCE
Asked by: Shri Rahul Kaswan

## GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF FINANCIAL SERVICES

## LOK SABHA UNSTARRED QUESTION NO. † 1222

ANSWERED ON MONDAY, 08 DECEMBER, 2025/ AGRAHAYANA 17, 1947 (SAKA)

## National Pension System

## †1222   SHRI RAHUL KASWAN

Will the Minister of Finance be pleased to state:

- (a) the total investment made in infrastructure projects in the State of Rajasthan during the last five years  under  the  National  Pension  System  (NPS)  and  the  sectors  (roads,  energy,  urban development, water management etc.) which has been made;
- (b) whether Pension Fund Regulatory and Development Authority (PFRDA) has scheme-wise, year-wise, and asset-class-wise (Government securities, corporate bonds, infra bonds, InvITs) details of infrastructure investment in Rajasthan, if so, the details thereof;
- (c) whether the Union Government or PFRDA is making any policy reforms to increase NPS Investments through new infrastructure bonds, municipal bonds, green bonds or InvIT/REIT in Rajasthan, if so, the details thereof; and
- (d) whether any special investment structure, guarantee model or risk-free mechanism is proposed to attract NPS funds in Rajasthan's mega projects such as expressways, solar parks, irrigation projects and urban transport and if so, the details thereof?

## ANSWER

## MINISTER OF STATE FOR FINANCE (SHRI PANKAJ CHAUDHARY)

(a)  to  (d)  The  investment  guidelines  issued  by  the  Pension  Fund  Regulatory  and  Development Authority (PFRDA) allow Pension Funds to invest National Pension System (NPS) funds in various asset  classes, viz Government  Securities,  Corporate  Debt  Securities,  Equities,  Asset  Backed Securities,  Trust  Structured  Investments  and  Miscellaneous  Investments.  These  investment guidelines  define  the  universe  of  permissible  investments  by  Pension  Funds  for  the  schemes managed by them and Pension Funds have the fiduciary responsibility to prudently invest the funds so  as  to  maximise  returns  and  minimise  volatility  and  risks. The  investments  made  by  Pension Funds  in  debt  securities  of  issuing  entities  may,  inter  alia,  be  invested  in  infrastructure  sector. However, these investments are not captured on the criteria of projects, regions or locations. The investment guidelines permit investment in following Debt and Related Investments:

- i. Debt  securities  issued  by  Real  Estate  Investment  Trusts  (REITs)  regulated  by  the Securities and Exchange Board of India.
- ii. Debt  securities  issued  by  Infrastructure  Investment  Trusts  (InVIT)  regulated  by  the Securities and Exchange Board of India.
- iii. The following infrastructure related debt instruments
- Listed  (or  proposed  to  be  listed  in  case  of  fresh  issue)  debt  securities  issued  by  body corporates engaged mainly in the business of development or operation and maintenance of infrastructure, or development, construction or finance of affordable housing. Further, this category  shall  also  include  securities  issued  by  Indian  Railways  or  any  of  the  body corporates in which it has majority shareholding. This category shall also include securities issued by any Authority of the Government which is not a body corporate and has been formed mainly with the purpose of promoting development of infrastructure
- Infrastructure and affordable housing Bonds issued by scheduled commercial bank.
- Listed (or proposed to be listed in case of fresh issue) securities issued by Infrastructure Debt Funds operating as a Non-Banking Financial Company and regulated by Reserve Bank of India.
- Listed (or proposed to be listed in case of fresh issue) units issued by Infrastructure Debt Funds operating as a Mutual Fund and regulated by Securities and Exchange Board of India.
- Listed or proposed to be listed credit rated Municipal bonds. (The Municipal Bonds should be rated 'AAA' or equivalent in the applicable rating scale by at least two credit rating agencies registered with SEBI.)
- iv. Sovereign Green Bonds are already permitted under Government Securities and Related Investments.

The investments made in infrastructure sector from NPS funds during the last five years are as below:

| Market Value (Rs in Cr.) as on:   | Market Value (Rs in Cr.) as on:   | Market Value (Rs in Cr.) as on:   | Market Value (Rs in Cr.) as on:   | Market Value (Rs in Cr.) as on:   | Market Value (Rs in Cr.) as on:   |
|-----------------------------------|-----------------------------------|-----------------------------------|-----------------------------------|-----------------------------------|-----------------------------------|
| 31.03.2021                        | 31.03.2022                        | 31.03.2023                        | 31.03.2024                        | 31.03.2025                        | 30.09.2025                        |
| 1,35,816                          | 1,39,531                          | 1,65,289                          | 1,81,901                          | 2,35,153                          | 2,48,422                          |

Source: PFRDA

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