{"id":15638,"date":"2026-08-18T13:03:06","date_gmt":"2026-08-18T07:33:06","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=15638"},"modified":"2026-08-18T13:04:57","modified_gmt":"2026-08-18T07:34:57","slug":"pm-gati-shakti-bonds-how-invits-and-nhai-finance-infrastructure","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/bond-news\/pm-gati-shakti-bonds-how-invits-and-nhai-finance-infrastructure\/","title":{"rendered":"PM Gati Shakti &#038; Bonds: How InvITs and NHAI Finance Infrastructure"},"content":{"rendered":"<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">\ud83d\udcdd Quick Summary:<\/div>\n<h2 class=\"gpi-custom-widget-h2-content\"><span class=\"ez-toc-section\" id=\"PM_Gati_Shakti_is_Indias_%E2%82%B9100_lakh_crore_infrastructure_blueprint_but_building_roads_ports_and_railways_at_this_scale_needs_more_than_budget_allocations_This_article_breaks_down_how_bonds_from_NHAI_debentures_to_InvIT-issued_sustainability-linked_bonds_are_quietly_funding_the_projects_under_this_plan_and_what_that_means_for_investors_and_the_economy\"><\/span><strong>PM Gati Shakti is India&#8217;s \u20b9100 lakh crore infrastructure blueprint, but building roads, ports, and railways at this scale needs more than budget allocations. This article breaks down how bonds, from NHAI debentures to InvIT-issued sustainability-linked bonds, are quietly funding the projects under this plan and what that means for investors and the economy.\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n\n\n<p>Building world-class infrastructure is a huge undertaking that no government budget, no matter how large, can take care of on its own. Prime Minister Narendra Modi unveiled PM Gati Shakti during his 75th Independence Day speech. The plan includes a planned investment of \u20b9100 lakh crore <sup>[1]<\/sup> on a digital interface that integrates different ministries for planning and executing infrastructure projects collaboratively. <\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/pm-gati-shakti-bonds-how-invits-and-nhai-finance-infrastructure\/#PM_Gati_Shakti_is_Indias_%E2%82%B9100_lakh_crore_infrastructure_blueprint_but_building_roads_ports_and_railways_at_this_scale_needs_more_than_budget_allocations_This_article_breaks_down_how_bonds_from_NHAI_debentures_to_InvIT-issued_sustainability-linked_bonds_are_quietly_funding_the_projects_under_this_plan_and_what_that_means_for_investors_and_the_economy\" >PM Gati Shakti is India&#8217;s \u20b9100 lakh crore infrastructure blueprint, but building roads, ports, and railways at this scale needs more than budget allocations. This article breaks down how bonds, from NHAI debentures to InvIT-issued sustainability-linked bonds, are quietly funding the projects under this plan and what that means for investors and the economy.\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/pm-gati-shakti-bonds-how-invits-and-nhai-finance-infrastructure\/#Why_India_Cant_Fund_PM_Gati_Shakti_Through_Budgets_Alone\" >Why India Can&#8217;t Fund PM Gati Shakti Through Budgets Alone&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/pm-gati-shakti-bonds-how-invits-and-nhai-finance-infrastructure\/#Types_of_Bonds_Financing_PM_Gati_Shakti_Projects\" >Types of Bonds Financing PM Gati Shakti Projects&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/pm-gati-shakti-bonds-how-invits-and-nhai-finance-infrastructure\/#How_InvITs_Are_Financing_PM_Gati_Shakti\" >How InvITs Are Financing PM Gati Shakti&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/pm-gati-shakti-bonds-how-invits-and-nhai-finance-infrastructure\/#How_Budget_2026-27_Strengthens_PM_Gati_Shakti_Funding\" >How Budget 2026-27 Strengthens PM Gati Shakti Funding&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/pm-gati-shakti-bonds-how-invits-and-nhai-finance-infrastructure\/#PM_Gati_Shakti_Bonds_Risks_and_Returns_for_Investors\" >PM Gati Shakti Bonds: Risks and Returns for Investors&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/pm-gati-shakti-bonds-how-invits-and-nhai-finance-infrastructure\/#Final_Take_PM_Gati_Shaktis_Financing_Future_Runs_Through_Bond_Markets\" >Final Take: PM Gati Shakti&#8217;s Financing Future Runs Through Bond Markets&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/pm-gati-shakti-bonds-how-invits-and-nhai-finance-infrastructure\/#PM_Gati_Shakti_Frequently_Asked_Questions\" >PM Gati Shakti Frequently Asked Questions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/pm-gati-shakti-bonds-how-invits-and-nhai-finance-infrastructure\/#Sources\" >Sources<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/pm-gati-shakti-bonds-how-invits-and-nhai-finance-infrastructure\/#Disclaimer\" >Disclaimer<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<p>Building roads, railways, ports, airports, and logistics corridors requires long-term planning and financing, and recently India has been seeing more and more financing being done through the <a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/why-indias-bond-market-is-growing-so-fast\/\" type=\"post\" id=\"11143\">bond market<\/a>. A mix of Infrastructure Investment Trusts (InvITs), NHAI bonds, sustainability-linked bonds, and other infrastructure bonds has been working in the background of India&#8217;s growing infrastructure. This article breaks down the various financial instruments used and the different players involved to give you a complete picture of the financing behind this ambitious project.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_India_Cant_Fund_PM_Gati_Shakti_Through_Budgets_Alone\"><\/span><strong>Why India Can&#8217;t Fund PM Gati Shakti Through Budgets Alone&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>PM Gati Shakti is not a standalone infrastructure investment program; rather, it provides an integrated planning and coordination framework for infrastructure projects. The National Infrastructure Pipeline (NIP), which was launched with a projected infrastructure investment of around \u20b9111 lakh crore for FY2020\u201325 <sup>[2]<\/sup> (about US$1.4 trillion), includes projects that are being aligned with the PM Gati Shakti framework.\u00a0 That&#8217;s an enormous amount, and India&#8217;s public finances will not be able to cover this by themselves. <\/p>\n\n\n\n<p>The Central Government\u2019s spending on infrastructure has increased from $12 billion in FY15 to $75 billion in FY25 <sup>[3]<\/sup>, a 6.2x jump, with spending as a share of GDP tripling from 0.6% to 2%. Even after this massive increase, it is estimated that India will need to invest over $2.2 trillion in infrastructure to achieve the goal of a $7 trillion economy by 2030. It is in this gap that bond markets come to the rescue, allowing the government to \u201crecycle\u201d capital from completed infrastructure projects to new ones, instead of waiting for tax collections.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Latest Bond Updates:<\/h3>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/jal-jeevan-mission-esg-debt-how-india-is-financing-water\/\" aria-label=\"Jal Jeevan Mission &amp; ESG Debt: How India Is Financing Water\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/18174418\/Jal-Jeevan-Mission-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Jal Jeevan Mission\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/18174418\/Jal-Jeevan-Mission-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/18174418\/Jal-Jeevan-Mission-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/18174418\/Jal-Jeevan-Mission-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/18174418\/Jal-Jeevan-Mission-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/18174418\/Jal-Jeevan-Mission.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/jal-jeevan-mission-esg-debt-how-india-is-financing-water\/\">Jal Jeevan Mission &amp; ESG Debt: How India Is Financing Water<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/indias-green-hydrogen-mission-can-green-bonds-fund-the-transition\/\" aria-label=\"India&#8217;s Green Hydrogen Mission: Can Green Bonds Fund the Transition?\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/19153111\/India-Green-Hydrogen-Mission-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"India Green Hydrogen Mission\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/19153111\/India-Green-Hydrogen-Mission-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/19153111\/India-Green-Hydrogen-Mission-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/19153111\/India-Green-Hydrogen-Mission-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/19153111\/India-Green-Hydrogen-Mission-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/19153111\/India-Green-Hydrogen-Mission.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/indias-green-hydrogen-mission-can-green-bonds-fund-the-transition\/\">India&#8217;s Green Hydrogen Mission: Can Green Bonds Fund the Transition?<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/sovereign-gold-bond\/sgb-capital-gains-tax-after-budget-2026-why-secondary-market-buyers-now-pay\/\" aria-label=\"SGB Capital Gains Tax After Budget 2026: Why Secondary Market Buyers Now Pay\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/18145839\/SGB-Capital-Gains-Tax-After-Budget-2026-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"SGB Capital Gains Tax After Budget 2026\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/18145839\/SGB-Capital-Gains-Tax-After-Budget-2026-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/18145839\/SGB-Capital-Gains-Tax-After-Budget-2026-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/18145839\/SGB-Capital-Gains-Tax-After-Budget-2026-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/18145839\/SGB-Capital-Gains-Tax-After-Budget-2026-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/18145839\/SGB-Capital-Gains-Tax-After-Budget-2026.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/sovereign-gold-bond\/sgb-capital-gains-tax-after-budget-2026-why-secondary-market-buyers-now-pay\/\">SGB Capital Gains Tax After Budget 2026: Why Secondary Market Buyers Now Pay<\/a><\/li>\n<\/ul>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Types_of_Bonds_Financing_PM_Gati_Shakti_Projects\"><\/span><strong>Types of Bonds Financing PM Gati Shakti Projects&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A few instruments do most of the work:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>InvIT bonds\/units:<\/strong> Vehicles to raise capital from multiple investors to fund completed major infrastructure projects, allowing the original developer to use their capital for other purposes.<\/li>\n\n\n\n<li><strong>NHAI infrastructure bonds:<\/strong> Bonds issued by the National Highways Authority of India, including tax-saving 54EC bonds and listed InvIT Bonds.<\/li>\n\n\n\n<li><strong>Sustainability-linked bonds (SLBs):<\/strong> Bonds where the interest rate is tied to ESG performance targets, now gaining popularity among road InvITs.<\/li>\n\n\n\n<li><strong>Bank-issued long-term infrastructure bonds:<\/strong> Raised by banks specifically to fund infra lending, often with regulatory incentives attached.<\/li>\n\n\n\n<li><strong>Municipal and state-level bonds:<\/strong> Increasingly used for urban infrastructure components that feed into the Gati Shakti network.<\/li>\n<\/ul>\n\n\n\n<p>For example, in March 2026, Indian Bank raised \u20b95,000 crore <sup>[4]<\/sup> through 10-year infrastructure bonds at a coupon of 7.15%. Similarly, in December 2025, Bank of India raised \u20b910,000 crore <sup>[5]<\/sup> through 10-year infrastructure bonds at 7.23% p.a.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_InvITs_Are_Financing_PM_Gati_Shakti\"><\/span><strong>How InvITs Are Financing PM Gati Shakti&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>InvITs deserve special attention because they&#8217;ve become the dominant monetization-and-refinancing route for Gati Shakti-aligned assets like highways and power transmission lines. Here&#8217;s a snapshot of where things stand:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><tbody><tr><td>Metric<\/td><td>Figure<\/td><td>As Reported<\/td><\/tr><tr><td>Combined AUM of India&#8217;s REITs + InvITs<\/td><td>$93.9 billion<\/td><td>FY2025<\/td><\/tr><tr><td>Projected InvIT market size<\/td><td>$258 billion<\/td><td>Projection to 2030<\/td><\/tr><tr><td>Number of listed InvITs in India<\/td><td>17<\/td><td>Mid-2025<\/td><\/tr><tr><td>NHIT (NHAI&#8217;s InvIT) \u2014 total raised across 4 rounds<\/td><td>\u20b946,000+ crore<\/td><td>Cumulative, as of early 2026<\/td><\/tr><tr><td>Vertis Infrastructure Trust \u2014 Sustainability-Linked Bond<\/td><td>\u20b9900 crore<\/td><td>2025<\/td><\/tr><tr><td>Cumulative monetisation via ToT + private InvITs<\/td><td>\u20b91.52 lakh crore<\/td><td>As of FY2026<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<p>According to Knight Frank India, India&#8217;s InvIT market could reach $258 billion by 2030, implying a 3.5x growth. India is now the fourth-largest market for REITs and InvITs in Asia. Specific to highways, the National Highways Infra Trust (NHIT), established by NHAI in 2020, raised \u20b918,380 crore in its fourth round, bringing total monetization to above \u20b946,000 crore. <\/p>\n\n\n\n<p>An interesting new trend is the Raajmarg Infra Investment Trust, a public InvIT formed by NHAI, which filed its draft offer document with SEBI in January 2026. This will be the first time a public NHAI-backed InvIT will enable broader retail participation in road-asset monetization.\u00a0<\/p>\n\n\n\n<p>On the sustainability front, Vertis Infrastructure Trust raised \u20b9900 crore via the issuance of Sustainability-Linked Bonds, the largest such issue by any InvIT in India to date, with IFC investing \u20b9450 crore in it through a 10-year tranche with a fixed rate of 7.40%. The proceeds of this bond were used for the purchase of a Toll-Operate-Transfer (TOT) highway corridor in Telangana, spanning roughly 252 km. This is a great example of the direct funding of a Gati Shakti-aligned road asset through bonds.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_Budget_2026-27_Strengthens_PM_Gati_Shakti_Funding\"><\/span><strong>How Budget 2026-27 Strengthens PM Gati Shakti Funding&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Union Budget for 2026\u201327 added further momentum with an increase in public capex to \u20b912.2 lakh crore, compared to \u20b911.2 lakh crore last year, and the creation of a new Infrastructure Risk Guarantee Fund. This fund is designed to offer partial guarantees to lenders, effectively reducing the risk of default for private developers and stabilizing project financing, thus allowing infrastructure entities to issue bonds at lower costs, as guaranteed downside protection typically reduces the risk premium that investors demand.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"PM_Gati_Shakti_Bonds_Risks_and_Returns_for_Investors\"><\/span><strong>PM Gati Shakti Bonds: Risks and Returns for Investors&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>For finance professionals and serious investors, the message is clear: PM Gati Shakti is moving beyond the budgetary allocations, and the success of the program will be more dependent on how successfully it can raise infrastructure financing from the capital markets. While infrastructure bonds and InvITs offer stable cash flows, they are not risk-free: BOT concessions have a 15- to 30-year finite period, after which the asset reverts to NHAI and has no value for unit holders. Bonds and InvITs are sensitive to changes in market interest rates, which also affect the pricing of these long-duration investments.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Final_Take_PM_Gati_Shaktis_Financing_Future_Runs_Through_Bond_Markets\"><\/span><strong>Final Take: PM Gati Shakti&#8217;s Financing Future Runs Through Bond Markets&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>PM Gati Shakti was always meant to be more than a coordination exercise; it is India&#8217;s bet that better-planned infrastructure, financed smartly, can unlock real economic growth. What&#8217;s become clear over the last couple of years is that bonds and InvITs aren&#8217;t a side story to this plan; they&#8217;re increasingly central to it. <\/p>\n\n\n\n<p>As NHAI, banks, and infrastructure trusts keep tapping the debt market, and as the government backs this with tools like the Infrastructure Risk Guarantee Fund, the financing model is shifting from &#8220;government pays for everything&#8221; to &#8220;government de-risks, markets fund the rest.&#8221; For investors, that means more instruments to track. For the economy, it means a better shot at closing that $2.2 trillion infrastructure gap by 2030. Either way, keeping an eye on this bond ecosystem is no longer optional if you&#8217;re serious about understanding where India&#8217;s infrastructure story is headed next.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"PM_Gati_Shakti_Frequently_Asked_Questions\"><\/span><strong>PM Gati Shakti Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1787037039983\"><strong class=\"schema-faq-question\">Q1. <strong>What is PM Gati Shakti?<\/strong><\/strong> <p class=\"schema-faq-answer\">It&#8217;s India&#8217;s national master plan, launched in October 2021, to coordinate infrastructure planning across ministries and speed up execution of roads, railways, ports, and other connectivity projects.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1787037049565\"><strong class=\"schema-faq-question\">Q2. <strong>How are Gati Shakti projects funded?<\/strong><\/strong> <p class=\"schema-faq-answer\">Through a mix of government budget allocations, InvITs, NHAI bonds, sustainability-linked bonds, bank-issued infrastructure bonds, and private\/institutional capital.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1787037063754\"><strong class=\"schema-faq-question\">Q3. <strong>What is an InvIT?<\/strong><\/strong> <p class=\"schema-faq-answer\">An Infrastructure Investment Trust is a SEBI-regulated vehicle that pools investor money into income-generating infrastructure assets like toll roads or power lines, similar in structure to a mutual fund.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1787037079001\"><strong class=\"schema-faq-question\">Q4. <strong>Are NHAI bonds safe?<\/strong><\/strong> <p class=\"schema-faq-answer\">Generally yes. Being government-backed, they carry lower default risk than most corporate bonds, though interest rate and liquidity risks still apply.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1787037101386\"><strong class=\"schema-faq-question\">Q5. <strong>What is the Infrastructure Risk Guarantee Fund?<\/strong><\/strong> <p class=\"schema-faq-answer\">It is a Budget 2026-27 initiative that offers partial guarantees to lenders financing infrastructure projects, aimed at reducing default risk and improving investor confidence.<\/p> <\/div> <\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sources\"><\/span><strong>Sources<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li><a rel=\"nofollow\" href=\"https:\/\/static.pib.gov.in\/WriteReadData\/specificdocs\/documents\/2021\/oct\/doc2021102511.pdf\">https:\/\/static.pib.gov.in\/WriteReadData\/specificdocs\/documents\/2021\/oct\/doc2021102511.pdf<\/a>\u00a0<\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/www.pib.gov.in\/PressReleaseIframePage.aspx?LID=1&amp;PRID=1793805&amp;RegID=3&amp;lang=2&amp;reg=48&amp;utm\">https:\/\/www.pib.gov.in\/PressReleaseIframePage.aspx?LID=1&amp;PRID=1793805&amp;RegID=3&amp;lang=2&amp;reg=48&amp;utm<\/a>\u00a0<\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/www.ibef.org\/news\/rs-22-45-890-crore-us-258-billion-market-by-2028-infrastructure-investment-trust-invit-are-becoming-india-s-hottest-asset-class\">https:\/\/www.ibef.org\/news\/rs-22-45-890-crore-us-258-billion-market-by-2028-infrastructure-investment-trust-invit-are-becoming-india-s-hottest-asset-class<\/a>\u00a0<\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/economictimes.indiatimes.com\/markets\/bonds\/indian-bank-raises-rs-5000-cr-through-infra-bonds\/articleshow\/129748481.cms\">https:\/\/economictimes.indiatimes.com\/markets\/bonds\/indian-bank-raises-rs-5000-cr-through-infra-bonds\/articleshow\/129748481.cms<\/a>\u00a0<\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/bankofindia.bank.in\/documents\/20121\/25744421\/InfraBondAllotment.pdf\/e25979fa-6072-23ff-6fb5-f53c05a6c068?t=1767355072132\">https:\/\/bankofindia.bank.in\/documents\/20121\/25744421\/InfraBondAllotment.pdf\/e25979fa-6072-23ff-6fb5-f53c05a6c068?t=1767355072132<\/a>\u00a0<\/li>\n<\/ol>\n\n\n<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">Ready to Invest?<\/div>\n<div class=\"gpi-custom-widget-content\">\n<p>Visit <a href=\"https:\/\/goldenpi.com\/\">GoldenPi<\/a> to explore current bond options. Compare yields, ratings, and tenures in one place and invest online with as little as \u20b930,000.<\/p>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Disclaimer\"><\/span>Disclaimer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Fixed returns do not constitute guaranteed or assured returns. Investments in corporate debt securities and municipal debt securities\/securitized debt instruments are subject to credit risks, market risks, and default risks, including delay and\/or default in payment. Read all the offer-related documents carefully. This blog\/article should not be construed as financial advice or as an offer or recommendation to buy or sell any security or any products\/services of\/on GoldenPi or any product\/services of its third-party client(s). For a detailed calculation of YTM, visit our website.&nbsp;<a href=\"https:\/\/delivery.goldenpi.com\/XPRBSN?id=162365=ch0GCFVXBVBUH1QDUlZXUlgBVgNSUwJVWgQGDFJQAVsEUwRfBldSBFVUAglRBFJSAA0ZBgxfQFBbERxBFSNTV10FU1cTDBgFDg5OAFIKVVFQBlZTVwQBBgFSAg0aC0BMQRIMFkwBUwoIFVdDHBwCCw1QAAsTWBpSVwgebDYxdmt\/Xl9dHxMF&amp;fl=WRVCSRBfGUkETltfVwNLAxVbCQwNWhpYVkpFGwMOBRcEWQMNUEoHSQJaV1BQAQQHTAZXA1IcAAMOBBxWB1IMFQUEVQxXXAEFBVQEUkpTVlMCUFEHU1JVAwhUAFECAQZaVFEADVAAVQBXVFRUUw==\" target=\"_blank\" rel=\"noreferrer noopener\">T&amp;C\u2019s Apply<\/a>.<\/p>\n\n\n\n<script type=\"application\/ld+json\">\n[\n  {\n    \"@context\": \"https:\/\/schema.org\",\n    \"@type\": \"NewsArticle\",\n    \"@id\": \"https:\/\/goldenpi.com\/blog\/bond-news\/pm-gati-shakti-bonds-how-invits-and-nhai-finance-infrastructure\/#article\",\n    \"isPartOf\": {\n      \"@id\": \"https:\/\/goldenpi.com\/blog\/bond-news\/pm-gati-shakti-bonds-how-invits-and-nhai-finance-infrastructure\/\"\n    },\n    \"headline\": \"PM Gati Shakti & Bonds: How InvITs and NHAI Finance Infrastructure\",\n    \"description\": \"How does PM Gati Shakti get financed? 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