Parliament has cleared the way for setting up the National Bank for Financing Infrastructure and Development (NaBFID) to finance infrastructure projects. Financing infrastructure projects, which are not part of direct government spending, has remained a tricky issue in India as the country doesn’t have a vibrant bond market where firms can raise long-term debt capital.
The burden of financing these projects often falls on commercial banks, which are ill-suited for such lending. Infrastructure projects normally have a long gestation period, which creates an asset-liability mismatch ...
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