National Monetisation Pipeline (NMP) launched in August 2021 aims to raise ₹6 lakh crore over four years through asset monetisation without ownership transfer. Covers highways, railways, power transmission, oil/gas pipelines, telecom towers, stadiums, airports and warehouses across 12 sectors. Progress includes highway bundles, railway stations, and power transmission assets. Faces criticism over asset undervaluation, private monopolisation risks, employment concerns, and weak regulatory oversight mechanisms.

NMP represents India's strategic shift towards leveraging existing infrastructure for capital generation while retaining ownership. The model involves transferring revenue rights to private entities through concessions, leases, or operate-transfer arrangements for typically 15-30 years. Private partners invest in upgrades and operations while paying concession fees to government. This addresses twin challenges of infrastructure financing needs (estimated ₹111 lakh crore by 2025) and fiscal constraints post-COVID. However, critics argue it prioritises short-term revenue over long-term strategic control. Key concerns include asset undervaluation (highways monetised below market rates), potential service quality deterioration, job losses in PSUs, and regulatory capture risks. The model's success depends on transparent valuation, robust contract design, and effective monitoring mechanisms to balance private efficiency with public interest protection.