Indian Infrastructure - Surging on Policy Pivot

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CRISIL Ratings, with its vision of ‘making markets function better’, is one of India’s most credible voices in gauging opportunities and risks across sectors. Our events are among India’s most power-packed gatherings of top business leaders, issuers, investors, policymakers and other market participants, providing a platform to discuss, deliberate and exchange perspectives on various issues.

Last year’s inaugural Infrastructure Summit, titled ‘Revving roads and renewables’, had 11 external speakers as panelists — CEOs at leading infrastructure companies and top executives at banks and investors. The event was attended by more than 470 senior participants from 250+ organisations. These included senior management of infrastructure sector issuers, banks, financial institutions, NBFCs and capital market entities.

In this year’s summit, we look to analyse how policy transformation is playing an important role in reshaping the future of infrastructure development.

Renewables: Conducive policies will continue to accelerate growth of the renewables sector, with focus on areas such as green hydrogen and energy storage. We will evaluate the drivers of capacity addition, the role of policy in growth and the enablers of sustainable growth. We will also assess the impact of costs and tariffs on return generation of such projects and will present our views on capital availability to reach the projected scale.

Roads: The sector is seeing transformation through policy changes such as amendments in concession agreements for toll road projects. We will dive deep into evolving risks due to policy changes and analyse the growth trajectory of the sector in the context of increased private participation. We will also share our outlook on project awarding, execution as well as performance of EPC players and road assets.

Real estate: Residential real estate sector, in addition to witnessing strong domestic demand, is bearing fruits of policy reforms such as RERA which is ushering in better transparency. We will assess trends in demand-supply, affordability and market consolidation. Commercial real estate is witnessing efficiency improvement measures such as amendments to the SEZ Act, which will augment India’s cost competitiveness. In this context, we will present demand drivers and sectoral prospects.

To top, policy transformations, along with balanced concession agreements with better risk sharing, have manifested in improving credit profile of the sector and have catalysed investor interest. We will detail the impact of these evolving dynamics on the credit profile of the sector. In this milieu, we will be sharing our views on the funding requirement for the infrastructure growth story, key sources of infrastructure financing, and enablers that will facilitate access to funding.

Additionally, we will look in-depth at monitorables such as sustaining the pace of growth, demand-supply mismatch, aggression of private participants and its impact on profitability, returns and leverage.