The Pension Fund Regulatory and Development Authority (PFRDA) has constituted a high-level expert committee, named ASCEND (accelerated scaling of global capital ecosystem and NPS development), to prepare a strategic roadmap for attracting long-term global pension capital into India through collaboration between Indian pension funds under the national pension system (NPS) architecture and leading international pension funds.
The move is aimed at strengthening India's long-term infrastructure financing ecosystem by leveraging global pension capital while accelerating the growth of assets under the NPS.
According to the regulator, India's ambition to emerge as a global economic powerhouse requires sustained access to stable, long-term capital to finance large-scale infrastructure projects and support inclusive economic growth.
Global pension funds manage one of the world's largest pools of long-term institutional capital and are well-positioned to invest in infrastructure and other nation-building assets. The ASCEND Committee will recommend measures to enable Indian pension funds, which manage the retirement savings of about 100mn (million) NPS subscribers, to partner with global pension funds through co-investment platforms, strategic partnerships and innovative investment structures.
PFRDA said such collaborations are expected to channel stable, patient capital into India's infrastructure sector, deepen domestic capital markets and promote sustainable economic growth. The partnerships are also expected to provide Indian pension subscribers with greater investment diversification and long-term risk-adjusted returns.
A key mandate of the committee will be to recommend policy, regulatory and governance measures that facilitate greater participation by global pension investors while protecting subscriber interests and maintaining financial stability.
The regulator said strengthening Indian pension funds as trusted domestic partners for global institutional investors would help enhance infrastructure financing, accelerate the growth of NPS assets and reinforce India's position as an attractive destination for long-term investments.
The committee will be headed by Dinesh Khara, chairman of the NPS Trust. Its members include Narayan Ramachandran, chairman of TeamLease Services Ltd, Ananth Narayan, former whole-time member (WTM) of SEBI, Ashvin Parekh, managing partner of Ashvin Parekh Advisory Services, Dr Arvind Gupta, trustee, NPS Trust and Suparna Tandon, chief executive officer (CEO) of the NPS Trust, who will serve as member secretary.
PFRDA said the committee's recommendations are expected to lay the foundation for a globally competitive pension ecosystem capable of supporting India's long-term infrastructure financing requirements and broader economic development goals.
The regulator also highlighted the growing scale of India's pension sector, noting that pension funds under the NPS currently manage assets worth about US$185bn (billion) or about Rs17.50 lakh crore, equivalent to nearly 5% of India's GDP. The regulator expects that stronger engagement with global pension investors could further expand the asset base while improving the availability of long-term capital for infrastructure and other strategic sectors.
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