The typical metro line is funded by a blend of sovereign loans, like JICA's low-interest yen credits, combined with state equity. But "value capture" from rising land prices rarely flows back to repay the local rickshaw driver whose route is disrupted. From my desk in the finance ministry, I see the clean arithmetic of debt servicing; from my backyard in Silchar, I hear the rumble of the only train that matters, and wonder if a new library shelf is a truer form of public equity.
#money#career
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