India's rupee bonds lacking spice

India wants foreign investors to fund infrastructure projects via so-called masala bonds but key ingredients are still missing.
Narendra Modi speaks at Wembley
Narendra Modi speaks at Wembley

When Indian Prime Minister Narendra Modi made his first state visit to the UK last November, he referenced fictional spy James Bond to illustrate his attempt to push for greater usage of the rupee currency aboard.

His address at Wembley Stadium in London delighted the crowd of 60,000 and led to high expectations for prompt offerings of so-called masala bonds rupee-denominated notes sold to offshore investors.

“Bond reminds me of James Bond. Bond also reminds me of Brooke Bond tea. James Bond provides entertainment and Brooke Bond invigorates us,” Modi said at the time.

“But now we need to go beyond entertainment or refreshment....

¬ Haymarket Media Limited. All rights reserved.

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