India is running out of money, Mr. Modi. Embrace foreign debt.

Delhi should take advantage of historically low interest rates and low external debt

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20200925 Regional Rapid Transit System Ghaziabad.jpg

Construction site of Regional Rapid Transit System in Ghaziabad, pictured on Sep. 9: infrastructure projects take years to break even and need long term financing. © Hindustan Times/Getty Images

Amit Jain is a Singapore-based consultant who helps clients navigate frontier markets and fragile states. He provides technical assistance and transaction advice on upstream projects.

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