The US India Political Action Committee (USINPAC), a leading voice of the Indian American community has urged the Modi Government to issue infrastructure bonds for the NRI community. Suggesting that these bonds be named as “Vibrant India Bonds” in order to leverage the brand awareness of “Vibrant India”, USINPAC emphasizes that these bonds will help India to tap the goodwill of the Global Indian Diasporas.
Says 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.
Source: Afternoon Despatch & Courier
