The real focus has to be on implementation and execution of these plans as we go forward. We have a very strong capability under the PPP vertical in Niti Aayog. These capabilities were developed in the Planning Commission that we inherited and have improved upon.

Let me first begin by asking you about the National Monetisation Plan. Experts have raised questions on the execution, specifically with regards to the PPP model, including model concession agreements. How will you ensure that these issues are aptly dealt with?
The real focus has to be on implementation and execution of these plans as we go forward. We have a very strong capability under the PPP vertical in Niti Aayog. These capabilities were developed in the Planning Commission that we inherited and have improved upon.

We have different model concessional agreements which we work with given sector specifications. We will have transaction advisors who will look into the merit, conditions and the circumstances of each project or each asset that is being monetised.

Some of this experience is already there. For example, NHAI has successfully monetised Rs 17,000 crore worth of their projects. We are not working from scratch and there is a strong capability within the Niti Aayog on designing and framing model concession agreements.

In the past for the privatisation process, we have seen how line ministries in most cases delay processes. Now you have 12 ministries that will be working with the Niti Aayog. How will you ensure that the process would be a seamless one to begin with?
You must have noticed that the secretaries and heads of departments of these 12 ministries were present at the FM's press conference. They have all been consulted and they are all on board. In some cases, they have been given annual targets. This time, it is the whole of the government approach and enough homework has been done. I do not see any resistance here on part of the line ministries because they are effectively on board.

The government said that these assets will not be sold and more importantly these are derisked Brownfield assets that have been put up on the block after due consideration with ministries and the Niti Aayog. In the past we have seen the private sector take it very slow when it comes to putting their money in Greenfield assets. What makes you so confident that there will be takers for Brownfield assets, especially that are being put on the block as a part of a larger monetisation pipeline?
You have made the distinction yourself and I think that is the critical difference between Greenfield projects and Brownfield projects.

The Brownfield projects are completely derisked. There are no issues of land acquisition, project placed, financing problems. All of those risks are mitigated. That is one big reason why we have had substantial private investor response and interest in these projects

Most often the revenue stream coming out of these projects is also quite clear. Given the revenue assurance and the risk-less nature of these projects, we expect significant private sector interest in these projects as we go forward.

The Power Grid InvIT rollout has had a lot of interest with its shares still doing well and the NHAI was able to monetise its own assets. I think based on those experiences and the two conditions that I mentioned, I am expecting significant private investment investor interest in this process of asset monetisation.

We wanted to get private players in the railways, get private parties to run private trains. The whole process has been scrapped and we are back to square one. How will you ensure that we are able to move with speed and we are able to execute this properly without any delays?
There is no denying the fact that execution is key. I'm also not denying the fact that these are complex subjects, for example, the running of private trains, the station development programmes of railways or the pipeline monetisation. These are being tried out for the first time but there are a lot of lessons and learning that is being generated.

We have learned some lessons and now this has been redesigned, so I firmly believe that with all the learning and the commitment that the ministries, the line ministries have given and the fact that all of them have been taken on board well in advance and a real time dashboard, I think there are enough things now on the ground to ensure that execution will be undertaken in the manner required and the targets would be achieved.

I also want to understand the scale and size of investments. How will they be decided? We are talking about different sectors and the approach has to be different. Will the government take a uniform approach or will it have the transaction advisors look at different models, different approaches, different kind of lease agreements looking at assets from varied sectors?
Each sector has got its own specificity, each sector has got its own conditions, circumstances. Therefore, there cannot be any one generic model or framework in which all these can be taken.

I think this is the reason that you have these transaction advisors with sector domain expertise and line ministries will work with them to take it forward. Undoubtedly there will be sector specific approaches for this exercise as it unfolds.

Vinayak Chatterjee, Chairman, Feedback Infra, in a conversation with me, said that while this was a big and bold move, the government has clarified that this is not going to be a clean sale or divestment but operating concession which is largely PPP by the side door. That has raised a lot of apprehension about market confidence in the PPP processes. How will you address some of these challenges?
I do not know what Vinayak has said exactly, so therefore I cannot really comment on this. But PPP is now well established and India has led the way on this.

There are very successful PPP projects that we have taken forward. For example, the airport PPP model has been very successful. I do not think there are some outstanding or irresolvable issues. To repeat myself, I am not fully aware of what these apprehensions are but I want to assure reassure everybody that the PPP framework will be done in a manner to create the best possible opportunity for the private investor. These are all these assets which can earn a lot more than what they are earnings at the moment.

Dr Rajiv Kumar is Vice Chairman, NITI Aayog. Views expressed are personal.

This interview was published in Economic Times.