Election promises drive surge in India project financing deals

Financing deals for Indian infrastructure projects are surging on market expectations that the next government will come through with at least some of the spending that politicians are promising now during a heated election campaign.

Local-currency loans for projects came to 520 billion rupees ($7.5 billion) in the quarter to March 31, the highest since 2011, and compared with 144 billion rupees in the previous three months, according to data compiled by Bloomberg.

Pumped Up

Project financing deals so far this year are already near 2018 full-year levels
 

As India aims to become a $5 trillion economy by 2024, the