Issue infrastructure bonds for NRIs: Indian American forum

The US India Political Action Committee (USINPAC), a forum of the Indian American community in the US, has urged the Narendra Modi government to issue infrastructure bonds for the NRI community.

Suggesting that these bonds be named "Vibrant India Bonds" in order to leverage the brand awareness of "vibrant India", the USINPAC said the bonds will help India tap the goodwill of the global Indian diaspora.

A press release said USINPAC chairman Sanjay Puri said 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 diaspora by issuing these bonds specially targeted at the diaspora," he said.

The release said the USINPAC was working with members of the US Congress to build momentum for an address by Prime Minister Modi to the joint Session of the US Congress during his visit to the country in September.

It said that over 40 Congressmen have already signed 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 Modi.

The release said the USINPAC was also preparing ground for two other events during Modi's visit - a luncheon with US Senators and an interaction with chief executive officers of America's top private equity funds and IT and manufacturing corporations.

The USINPAC had last month launched an initiative among winners of the Pravasi Bhartiya Samman awards globally to discuss ways in which the diaspora could contribute to India's growth, it said.

"Several of the awardees from countries like Singapore, Indonesia, Qatar, Abu Dhabi, France and Britain together with the USINPAC have together written to Prime Minister 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 endeavour," the release said.