The general election victory of Narendra Modi and his BJP party in May delivered the promise of reform in Indian politics and the lifting of the policy gridlock that had stymied growth over the final years of the Manmohan Singh administration. Offshore Indian debt issuance has picked up, as a result, and the hope is that a new era for Indian bond markets has begun. An impressive US$6.8bn has printed in the offshore India market since Modi's victory, according to data from Thomson Reuters, with a signal achievement arriving in the form of Tata Steel's jumbo US$1.5bn offering of 5.5-year and 10-year bonds in July and Bharti Airtel's US$2bn-equivalent Global that printed in May just after the BJP's victory was flagged in election exit polls.
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