The road transport & highways ministry wants the government to issue bonds in the international markets to finance road projects in India. Speaking at the Pravasi Bhartiya Divas on Friday, Cabinet minister Kamal Nath said he will seek the finance ministry?s nod to issue the bonds in different currencies, targeted at non-resident Indians.
However, finance minister Pranab Mukherjee refused to make any commitment on the issue later in the day. If approved, it would be India?s third such bond issue, after the Resurgent India Bonds in 1998 and the India Millenium Deposits in 2000.
Minister for Overseas Indian Affairs Vayalar Ravi also supported the proposal. He said his ministry would also move a proposal to Mukherjee to the effect. He said the idea needs to be taken forward as it has been a long-standing demand of the overseas Indian community.
