Nath pitches for infra bonds for NRIs

Road Transport and Highways Minister Kamal Nath today pitched for infrastructure bonds in different currencies, specially suited to NRIs, for raising resources for building roads in India.

"I would request the Finance Minister (Pranab Mukherjee) to look at issuance of infrastructure bonds in different currencies and denominations specifically for people of Indian origin and NRIs," Nath said at the Pravasi Bharatiya Divas (PBD) 2010 calling upon the NRIs to invest in India.

"Let the Finance Minister examine this issue, we will come out with something for the NRIs (Non Resident Indians) and PIOs (Person of India Origin)," he said stressing that "India is not only a stable investment destination but a very attractive investment destination."

However, Finance Minister Pranab Mukerjee did not commit himself to this proposal of floating infrastructure bonds, as this requires detailed examination and Parliamentary nod. "That does not mean that I am agreeing to that proposal, don't take it as a commitment."

If these bonds come up, they would be the second major initiatives of this type after SBI' Resurgent India Bonds floated in late 1990s for raising resources from overseas players for infrastructure sector in India.

About the road sector, he said India has embarked on building 7,000 km of roads a year, which translates into 20 km of roads a day as per Prime Minister Manmohan Singh's announcement.