Mains Answer Writing - 25 Jan, 2026

GS3

Economy

15 marks

What are Masala Bonds? Discuss their objectives and key benefits for India’s external financing and infrastructure development.

Start with a crisp definition: Clearly define Masala Bonds in one line—rupee-denominated bonds issued overseas with currency risk borne by investors.
Link objectives with macroeconomic needs: Connect objectives to reducing forex risk, lowering dependence on ECBs, deepening offshore rupee markets, and supporting rupee internationalisation.
Use benefits with policy relevance: Highlight benefits for infrastructure financing, state/PSU borrowing, investor diversification, and financial stability, with brief India-specific context.

8.5/15

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