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A central bank ban on Indian banks buying new issues of infrastructure bonds has handicapped Prime Minister Narendra Modi’s chances of gathering billions of dollars needed for mega-projects through the bond market. Elected in May, Modi has made heavy infrastructure investment and construction of affordable housing for all, by the year 2022, key elements of a reform agenda–aimed at getting India’s lumbering economy to grow a lot faster. According to a KPMG report released last month, meeting the housing goal alone would need investment of at least $2 trillion.

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