US India Political Action Committee (USINPAC), a leading voice of the Indian American community urged the Narendra Modi government to issue infrastructure bonds for the NRI community in New Delhi.
Suggesting that these bonds be named as Vibrant India Bonds in order to leverage the brand awareness of Vibrant India, USINPAC emphasized that these bonds will help India to tap the goodwill of the Global Indian Diasporas. Speaking on the occasion, Sanjay Puri, Chairman, USINPAC, said, It is estimated that India will need about $1.5 trillion over the next five years to finance its infrastructure needs. Since infrastructure projects are generally structured in a debt equity ratio of 70:30, it implies that India would need over 1 trillion of debt funding over the next five years. This is the right time to tap the intangible goodwill of the Indian Diasporas towards a rejuvenated India by issuing these Bonds specially targeted at the Diasporas. The Indian origin communities in the United States and other countries around the world are enthused with the election of Modi government in India, and are looking for tangible ways in which to contribute to India. Vibrant India Bonds will give a clear mechanism to the Diasporas to express their support for the new path on which India has now embarked. We have had extensive discussions on Wall Street with some of the top financial institutions, and also with leading members of the Indian Diasporas in several countries on the market viability of Vibrant India Bonds. We have had an overwhelmingly initial positive response and stand ready to spread this initiative among the community in the United States and other countries where the Diasporas have significant presence, Puri further added. USINPAC has also been making an outreach among the global diasporas over the last six months. Last month, upon the election of the Modi government in India it launched an initiative among winners of the Pravasi Bhartiya Samman awards globally to discuss ways in which the diasporas could contribute to India. Several of the awardees from countries like Singapore, Indonesia, Qatar, Abu Dhabi, France and the UK together with USINPAC have together written to PM Narendra Modi offering their support for his vision of a vibrant India. The suggestion and support for Vibrant India Bonds is the next step in this endeavor. Elaborating on the specific role being played by USINPAC in facilitating Modis visit to US in September, Puri said, We are currently working with members of US Congress to build momentum for an address by Prime Minister Modi to the Joint Session of US Congress. Over 40 Congressmen have already signed on to a letter requesting the US Speaker, and over 20 Senators have already written or verbally informed the Speaker of their wish to hear an address by the Indian PM. In addition, we are also pushing for the White House to host a State Dinner in honor of Mr. Modi. Apart from its efforts to promote the Joint Session in the US Congress, and State Dinner at the White House, USINPAC is also preparing ground for two other very high value events for the PMs visit one, a luncheon with US Senators; and second, a result-oriented interaction with 20 plus Chairmen, CEOs of Americas top private equity funds and IT and manufacturing corporations.
Source: IBNS
