New Delhi, Mar 23: Finance Minister Pranab Mukherjee on Tuesday, Mar 23, said that private sector will be allowed to raise resources by issuing long-term infrastructure bonds.
Addressing a conference on infrastructure sector, Mukherjee said, "It (proposal to issue long-term infrastructure bonds) will of course be for private sector as well as public sector."
The long-term infrastructure bonds entitled for the benefit would be notified by the government later.
The Finance Minister noted that funding was a major constraint.
Mukherjee said, "The decision will help in augmenting resources of public as well as private sector for developing the country's infrastructure."
Earlier in the day, Prime Minister Manmohan Singh said that India will need to spend over USD 1 trillion in infrastructure development during the 12th Five-Year Plan.