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Modi's US$1t infrastructure plan revives tax-free rail debt

Decision to allow tax-free bonds should cut borrowing costs for development push

Mumbai

INDIA's decision to allow tax-free bonds after a 12-month hiatus should cut borrowing costs for a US$1 trillion development push.

Finance Minister Arun Jaitley said in his budget speech last month that tax-free bond sales to individuals for rail, road and irrigation projects

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