India’s Minister for Road Transport, Highways and Shipping, Nitin Gadkari, has described the National Highways Authority of India’s (NHAI) Masala Bond debut on the London Stock Exchange (LSE) as a sign of India’s growing attraction among global investors.

The rupee-denominated National Highways Authority of India (NHAI) Masala Bond issued with much fanfare by the Minister for Road Transport, Highways and Shipping, Nitin Gadkari, in London recently marks the largest ever five-year issuance and has been described as the “largest inaugural transaction in the Masala Bond market”.

India needs $1 trillion in investments over the next five years to upgrade its creaking infrastructure to global standards but a combination of unfavourable market conditions, weak commodity prices, inability of Indian banks to lend large sums of money, poor raw material linkages and lack of urgency at the level of state governments have conspired to make the task even more difficult than it otherwise would have been.